TEMPE, Ariz.—Roger Chen, Chief Operating Officer of GoDaddy Inc. (NYSE:GDDY), recently sold 1,000 shares of the company's Class A Common Stock. The shares were sold on December 16 at an average price of $207.35 each, totaling $207,350. Following this transaction, Chen holds 184,632 shares of GoDaddy stock. The sale comes as the company's stock trades near its 52-week high of $211.11, with an impressive year-to-date return of 95%.
The sale was conducted under a 10b5-1 trading plan, a pre-established plan that allows company insiders to sell a predetermined number of shares at a set time, providing some legal protection against accusations of insider trading. According to InvestingPro analysis, GoDaddy's stock currently appears overvalued, with multiple technical indicators suggesting overbought conditions. Investors seeking deeper insights can access 16+ additional ProTips and comprehensive valuation metrics through InvestingPro's detailed research reports.
In other recent news, GoDaddy, the internet domain registrar and web hosting company, has secured a $1.46 billion refinancing deal, replacing its existing credit facilities with a new tranche of term loans set to mature in 2029. This move is expected to enhance the company's financial flexibility. The company has also seen its stock targets revised upwards by several analyst firms, including Baird, RBC (TSX:RY) Capital Markets, JPMorgan (NYSE:JPM), and Oppenheimer, following a successful third quarter with a 7% year-over-year increase in total revenue, reaching $1.15 billion.
Baird has notably increased its price target for GoDaddy to $250, maintaining its Outperform rating, while RBC Capital Markets raised its price target to $230, reflecting optimism for GoDaddy's AI platform, Airo. JPMorgan also increased their price target for GoDaddy to $224.00, up from the previous target of $175.00, while Oppenheimer reiterated a Perform rating on GoDaddy shares.
In terms of operational changes, GoDaddy appointed Phontip Palitwanon as the new Chief Accounting Officer following a restructuring within the accounting department. The company also introduced Airo Plus, a new premium service expected to provide direct monetization opportunities. These recent developments are part of GoDaddy's broader internal optimization efforts, which are ongoing and still offer potential operational expenditure savings.
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