GoDaddy (NYSE:GDDY) Reaches New 1-Year High Following Earnings Beat

GoDaddy Inc. (NYSE:GDDY) shares hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $171.93 and last traded at $169.83, with a volume of 340638 shares changing hands. The stock had previously closed at $161.60.

The technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. GoDaddy had a net margin of 41.12% and a negative return on equity of 709.73%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company posted $0.89 EPS. GoDaddy’s quarterly revenue was up 7.3% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

GDDY has been the topic of a number of research reports. Piper Sandler raised their price objective on GoDaddy from $172.00 to $176.00 and gave the company a “neutral” rating in a report on Thursday. B. Riley upped their price objective on shares of GoDaddy from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday. StockNews.com raised shares of GoDaddy from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Benchmark raised their target price on GoDaddy from $186.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $170.00 price target on shares of GoDaddy in a research report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, GoDaddy presently has a consensus rating of “Moderate Buy” and a consensus target price of $170.23.

Insider Buying and Selling at GoDaddy

In other GoDaddy news, Director Sigal Zarmi sold 400 shares of GoDaddy stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $157.61, for a total transaction of $63,044.00. Following the transaction, the director now owns 4,661 shares of the company’s stock, valued at $734,620.21. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other GoDaddy news, CFO Mark Mccaffrey sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $164.75, for a total transaction of $906,125.00. Following the completion of the sale, the chief financial officer now directly owns 101,286 shares of the company’s stock, valued at $16,686,868.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sigal Zarmi sold 400 shares of GoDaddy stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $157.61, for a total value of $63,044.00. Following the completion of the transaction, the director now owns 4,661 shares in the company, valued at $734,620.21. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,744 shares of company stock worth $4,089,571 over the last 90 days. Corporate insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On GoDaddy

A number of hedge funds and other institutional investors have recently bought and sold shares of GDDY. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of GoDaddy by 0.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,097 shares of the technology company’s stock worth $2,837,000 after acquiring an additional 67 shares during the period. Whittier Trust Co. lifted its position in GoDaddy by 4.3% in the second quarter. Whittier Trust Co. now owns 1,781 shares of the technology company’s stock valued at $249,000 after purchasing an additional 74 shares during the period. Optas LLC boosted its holdings in GoDaddy by 5.8% in the 3rd quarter. Optas LLC now owns 2,091 shares of the technology company’s stock valued at $328,000 after purchasing an additional 114 shares in the last quarter. Atomi Financial Group Inc. increased its position in GoDaddy by 7.6% during the 3rd quarter. Atomi Financial Group Inc. now owns 1,861 shares of the technology company’s stock worth $292,000 after purchasing an additional 131 shares during the period. Finally, Signaturefd LLC increased its position in GoDaddy by 6.3% during the 2nd quarter. Signaturefd LLC now owns 2,480 shares of the technology company’s stock worth $346,000 after purchasing an additional 148 shares during the period. 90.28% of the stock is currently owned by hedge funds and other institutional investors.

GoDaddy Trading Up 3.1 %

The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 24.13. The business has a 50 day moving average price of $159.08 and a 200-day moving average price of $146.68. The firm has a market capitalization of $23.78 billion, a PE ratio of 13.84 and a beta of 1.12.

GoDaddy Company Profile

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.