TEMPE, Ariz.—Mark McCaffrey, Chief Financial Officer of GoDaddy Inc. (NYSE:GDDY), recently sold 2,678 shares of the company's Class A Common Stock. The shares were sold on December 3, 2024, at an average price of $196.64 per share, totaling approximately $526,590. The transaction comes as GoDaddy's stock trades near its 52-week high of $208.71, having delivered an impressive 96% return year-to-date. According to InvestingPro analysis, the company's stock is currently showing signs of being overbought.
This transaction was conducted to satisfy McCaffrey's tax withholding obligations related to the vesting of Restricted Stock Units, as per company policy. Following this sale, McCaffrey holds 89,800 shares of GoDaddy's stock, representing a stake in the $29.24 billion company. InvestingPro subscribers have access to 15+ additional exclusive tips and comprehensive analysis about GoDaddy's valuation and growth prospects.
In other recent news, GoDaddy Inc. has witnessed a series of upgrades from financial firms. RBC Capital Markets raised its price target to $230, citing optimism about GoDaddy's Airo platform. Similarly, JPMorgan (NYSE:JPM) increased its price target to $224, and Baird set its new price target at $225. Oppenheimer reiterated a Perform rating on GoDaddy's shares, highlighting the potential of the Airo and Airo Plus platforms.
These upgrades followed the company's strong Q3 financial performance, where total revenue increased by 7% year-over-year to reach $1.15 billion. Notably, GoDaddy's Applications & Commerce segment reported a 16% growth in revenue. The company also introduced Airo Plus, a premium service, and appointed Phontip Palitwanon as the new Chief Accounting Officer.
GoDaddy's strategic use of artificial intelligence and bundling strategies have reportedly resulted in customers adopting secondary products 25% quicker and potential operational expenditure savings. Despite anticipating tougher comparisons for Applications & Commerce's annual recurring revenue in the future, GoDaddy plans to increase marketing investments for broader Airo launches and focus on pricing, bundling, and customer value enhancement.
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