SunTrust Banks Equities Analysts Increase Earnings Estimates for Godaddy Inc (NYSE:GDDY)
Godaddy Inc (NYSE:GDDY) – Analysts at SunTrust Banks boosted their Q2 2020 EPS estimates for shares of Godaddy in a research note issued to investors on Friday, July 10th. SunTrust Banks analyst N. Khan now expects that the technology company will post earnings of $0.23 per share for the quarter, up from their prior forecast of $0.22. SunTrust Banks has a “Buy” rating and a $88.00 price objective on the stock. SunTrust Banks also issued estimates for Godaddy’s Q3 2020 earnings at $0.36 EPS, Q4 2020 earnings at $0.39 EPS, FY2020 earnings at $1.22 EPS, FY2021 earnings at $1.93 EPS, FY2022 earnings at $2.08 EPS, FY2023 earnings at $2.71 EPS and FY2024 earnings at $3.35 EPS.
Godaddy (NYSE:GDDY) last announced its earnings results on Wednesday, May 6th. The technology company reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.06. Godaddy had a net margin of 5.44% and a return on equity of 27.82%. The firm had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $789.80 million. During the same quarter in the previous year, the business posted $0.07 EPS. The company’s quarterly revenue was up 11.5% on a year-over-year basis.
Shares of Godaddy stock opened at $69.41 on Monday. The stock has a market cap of $12.07 billion, a price-to-earnings ratio of 74.63, a PEG ratio of 3.07 and a beta of 0.90. The firm’s 50-day moving average is $75.96 and its 200 day moving average is $69.25. Godaddy has a 1 year low of $40.25 and a 1 year high of $84.49. The company has a debt-to-equity ratio of 5.24, a current ratio of 0.64 and a quick ratio of 0.64.
A number of institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its holdings in Godaddy by 33.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 78,804 shares of the technology company’s stock worth $5,779,000 after acquiring an additional 19,955 shares in the last quarter. Riverbridge Partners LLC boosted its stake in Godaddy by 5.5% in the 2nd quarter. Riverbridge Partners LLC now owns 572,630 shares of the technology company’s stock worth $41,991,000 after purchasing an additional 29,634 shares during the period. DNB Asset Management AS boosted its stake in Godaddy by 4.9% in the 2nd quarter. DNB Asset Management AS now owns 18,617 shares of the technology company’s stock worth $1,365,000 after purchasing an additional 864 shares during the period. State of Alaska Department of Revenue boosted its stake in Godaddy by 7.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 44,097 shares of the technology company’s stock worth $3,233,000 after purchasing an additional 2,929 shares during the period. Finally, State Street Corp boosted its stake in Godaddy by 1.8% in the 1st quarter. State Street Corp now owns 3,792,082 shares of the technology company’s stock worth $216,566,000 after purchasing an additional 67,081 shares during the period. 98.33% of the stock is owned by institutional investors.
In related news, CFO Raymond E. Winborne, Jr. sold 15,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $75.00, for a total value of $1,125,000.00. Following the completion of the sale, the chief financial officer now directly owns 175,376 shares of the company’s stock, valued at approximately $13,153,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Ah Kee Andrew Low sold 16,845 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $75.00, for a total transaction of $1,263,375.00. The disclosure for this sale can be found here. Insiders have sold a total of 199,159 shares of company stock valued at $15,553,567 in the last ninety days. Insiders own 0.52% of the company’s stock.
GoDaddy Inc designs and develops cloud-based technology products for small businesses, Web design professionals, and individuals in the United States and internationally. The company provides domain name registration product that enables to engage customers at the initial stage of establishing a digital identity; and hosting products, including shared Website hosting, Website hosting on virtual private servers and virtual dedicated servers, managed hosting, and security.
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