Roger Chen, the Chief Operating Officer of GoDaddy Inc. (NYSE:GDDY), recently sold 1,000 shares of the company's Class A common stock. The transaction, which took place on November 15, 2024, was executed at a price of $183.80 per share, amounting to a total value of $183,800. This sale was conducted under a pre-established 10b5-1 trading plan. Following the transaction, Chen holds 185,632 shares in the company.
In other recent news, GoDaddy Inc. reported a 7% year-over-year increase in total revenue for the third quarter, reaching $1.15 billion, with its Applications & Commerce segment seeing a 16% growth in revenue. This strong performance led the company to raise its full-year revenue guidance. The firm also appointed Phontip Palitwanon as the new Chief Accounting Officer following a restructuring within the accounting department.
Baird reiterated its Outperform rating on GoDaddy, raising the price target to $225 from the previous $200, indicating a positive outlook for the company. The firm cited GoDaddy's continued strong position and the increasing interest in its product, Airo.
In addition to these developments, GoDaddy launched Airo, a new product offering that has engaged nearly 3 million customers, and introduced a generative AI-powered conversational bot to improve customer service efficiency. The company also repurchased 5.2 million shares for $668 million, reducing gross shares outstanding by 23% since January 2022. These are among the recent developments for GoDaddy, as it continues to innovate and expand its market presence.
InvestingPro Insights
The recent stock sale by GoDaddy's COO Roger Chen comes at a time when the company's shares are trading near their 52-week high, according to InvestingPro data. With a current price of $185.02, GoDaddy's stock is at 98.52% of its 52-week peak, reflecting strong market performance.
InvestingPro Tips indicate that GoDaddy has demonstrated a high return over the last year, with the stock price showing a remarkable 99.74% total return over the past 12 months. This aligns with the company's robust financial performance, as evidenced by its revenue of $4.48 billion in the last twelve months and a healthy gross profit margin of 63.57%.
Despite the positive momentum, investors should note that GoDaddy's stock is currently trading at high valuation multiples. An InvestingPro Tip highlights that the company is trading at a high EBITDA valuation multiple, which could suggest that the stock might be fully valued at current levels.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips on GoDaddy, providing a more comprehensive view of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.