GoDaddy Inc. (NYSE:GDDY) Forecasted to Earn Q2 2024 Earnings of $1.24 Per Share

GoDaddy Inc. (NYSE:GDDY) – B. Riley lowered their Q2 2024 earnings per share estimates for GoDaddy in a research report issued on Monday, May 6th. B. Riley analyst N. Khan now forecasts that the technology company will post earnings per share of $1.24 for the quarter, down from their prior estimate of $1.29. B. Riley has a “Buy” rating and a $142.00 price objective on the stock. The consensus estimate for GoDaddy’s current full-year earnings is $4.93 per share. B. Riley also issued estimates for GoDaddy’s Q3 2024 earnings at $1.39 EPS, Q4 2024 earnings at $1.62 EPS and FY2025 earnings at $7.00 EPS.

GoDaddy (NYSE:GDDY) last posted its quarterly earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.05. GoDaddy had a net margin of 40.38% and a negative return on equity of 186.09%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley raised their price target on shares of GoDaddy from $132.00 to $137.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. UBS Group upped their price target on GoDaddy from $118.00 to $130.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. raised their price objective on GoDaddy from $128.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Robert W. Baird upped their target price on shares of GoDaddy from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Monday, March 25th. Finally, Royal Bank of Canada increased their target price on shares of GoDaddy from $124.00 to $145.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $142.73.

GoDaddy Stock Up 2.4 %

Shares of NYSE GDDY opened at $131.36 on Tuesday. The company has a debt-to-equity ratio of 9.15, a current ratio of 0.55 and a quick ratio of 0.47. The company has a 50-day moving average price of $120.63 and a 200-day moving average price of $107.64. The stock has a market capitalization of $18.72 billion, a P/E ratio of 10.91 and a beta of 1.09. GoDaddy has a 1 year low of $68.98 and a 1 year high of $131.90.

Institutional Trading of GoDaddy

A number of institutional investors have recently modified their holdings of GDDY. Louisiana State Employees Retirement System purchased a new position in GoDaddy during the 4th quarter valued at about $4,204,000. SG Americas Securities LLC increased its holdings in GoDaddy by 644.6% during the 4th quarter. SG Americas Securities LLC now owns 149,643 shares of the technology company’s stock worth $15,886,000 after acquiring an additional 129,547 shares during the period. Horrell Capital Management Inc. lifted its stake in GoDaddy by 41.7% in the 4th quarter. Horrell Capital Management Inc. now owns 68,000 shares of the technology company’s stock worth $7,219,000 after purchasing an additional 20,000 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in GoDaddy in the 4th quarter valued at $773,000. Finally, Lecap Asset Management Ltd. purchased a new position in shares of GoDaddy during the 4th quarter valued at $2,328,000. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Roger Chen sold 4,000 shares of GoDaddy stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $122.60, for a total value of $490,400.00. Following the sale, the chief operating officer now owns 200,632 shares of the company’s stock, valued at approximately $24,597,483.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other GoDaddy news, CEO Amanpal Singh Bhutani sold 59,608 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $110.54, for a total transaction of $6,589,068.32. Following the sale, the chief executive officer now directly owns 394,423 shares of the company’s stock, valued at $43,599,518.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Roger Chen sold 4,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $122.60, for a total transaction of $490,400.00. Following the transaction, the chief operating officer now owns 200,632 shares of the company’s stock, valued at approximately $24,597,483.20. The disclosure for this sale can be found here. Insiders sold 125,234 shares of company stock valued at $14,025,346 in the last three months. Company insiders own 0.54% of the company’s stock.

About GoDaddy

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.