TEMPE, AZ—Palitwanon Phontip, the Chief Accounting Officer at GoDaddy Inc. (NYSE:GDDY), recently sold a small portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Phontip sold one share of Class A common stock on November 15, 2024, at a price of $183.02 per share, amounting to a total transaction value of $183.
This transaction was carried out to cover tax withholding obligations related to shares acquired under GoDaddy's 2015 Employee Stock Purchase Plan (ESPP). Following the sale, Phontip retains ownership of 23,829 shares of GoDaddy's Class A common stock.
In other recent news, GoDaddy Inc. reported a 7% year-over-year increase in total revenue for the third quarter, totaling $1.15 billion, with the company's Applications & Commerce sector experiencing a 16% growth in revenue. This strong performance led to an upward revision of its full-year revenue guidance. Baird, in its analysis, reiterated its Outperform rating on GoDaddy's shares, raising the price target from $200 to $225, a reflection of the company's continued growth and potential.
In terms of personnel changes, GoDaddy announced the appointment of Phontip Palitwanon as the new Chief Accounting Officer, a shift that follows a restructuring within the accounting department. In addition to these developments, GoDaddy has launched Airo, a new product offering that has already engaged nearly 3 million customers. The company also introduced an AI-powered conversational bot to enhance customer service efficiency.
In recent developments, GoDaddy has repurchased 5.2 million shares for $668 million, reducing gross shares outstanding by 23% since January 2022. Despite expectations of tougher comparisons for Applications & Commerce's annual recurring revenue in the upcoming quarters, GoDaddy plans to increase marketing investments for broader Airo launches and focus on pricing, bundling, and customer value enhancement. These developments are part of GoDaddy's strategic initiatives to drive continued growth and success.
InvestingPro Insights
While the sale of a single share by GoDaddy's Chief Accounting Officer may seem insignificant, it's worth examining the company's current financial position and market performance to provide context for investors.
According to InvestingPro data, GoDaddy boasts a substantial market capitalization of $26.3 billion, reflecting its strong position in the domain registration and web hosting industry. The company's revenue for the last twelve months as of Q3 2024 stood at $4.48 billion, with a healthy revenue growth of 6.85% over the same period.
GoDaddy's stock has shown remarkable performance, with a staggering 99.74% price total return over the past year. This aligns with an InvestingPro Tip indicating that the company has delivered a high return over the last year. Additionally, the stock is trading near its 52-week high, with its current price at 98.52% of that peak.
Despite the strong stock performance, investors should note that GoDaddy's P/E ratio stands at 14.33, which is relatively modest compared to some tech sector peers. This could suggest that there might still be room for growth in the stock price, especially considering the company's profitability. An InvestingPro Tip confirms that analysts predict the company will be profitable this year.
For those interested in a deeper analysis, InvestingPro offers 14 additional tips for GoDaddy, providing a more comprehensive view of the company's financial health and market position.
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