Brian Sharples, a director at GoDaddy Inc. (NYSE:GDDY), recently sold 500 shares of the company's Class A common stock. The shares were sold at a price of $179 each, totaling $89,500. This transaction was conducted under a 10b5-1 trading plan, which is a pre-established plan for selling stocks. Following this sale, Sharples holds 24,121 shares of GoDaddy.
In other recent news, GoDaddy Inc. has reported strong financial performance in the third quarter, with a 7% year-over-year increase in total revenue, reaching $1.15 billion. The company's Applications & Commerce segment saw revenue growth of 16%, leading GoDaddy to raise its full-year revenue guidance. In addition to financial developments, the company announced changes in its executive team with the appointment of Phontip Palitwanon as the new Chief Accounting Officer.
Palitwanon, who has served GoDaddy for nine years, steps into her new role effective immediately. Her appointment comes with a notable annual base salary of $350,000, potential annual incentive bonus, and equity awards. GoDaddy has also entered into a standard indemnification agreement with Palitwanon, ensuring her protection against certain legal proceedings.
These developments follow GoDaddy's successful launch of Airo, a new product offering that has engaged nearly 3 million customers. The company also highlighted its cost optimization, including the introduction of an AI-powered conversational bot that improved customer service efficiency. Furthermore, GoDaddy repurchased 5.2 million shares for $668 million, reducing gross shares outstanding by 23% since January 2022.
InvestingPro Insights
The recent insider sale by Brian Sharples at GoDaddy Inc. (NYSE:GDDY) comes at a time when the company's stock is showing strong performance. According to InvestingPro data, GoDaddy's shares have seen a remarkable 113.89% price total return over the past year, with a 41.3% increase in just the last six months. This robust performance has pushed the stock to trade near its 52-week high, with the current price at 99.23% of that peak.
InvestingPro Tips highlight that GoDaddy generally trades with low price volatility, which may explain why the director's sale was executed under a pre-established 10b5-1 trading plan. Despite the strong stock performance, it's worth noting that the company's net income is expected to drop this year, according to another InvestingPro Tip.
From a valuation perspective, GoDaddy's P/E ratio stands at 14.42, which is relatively modest considering the stock's recent gains. However, InvestingPro Tips indicate that the company is trading at high EBIT and EBITDA valuation multiples, suggesting that investors are pricing in strong future performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for GoDaddy, providing a deeper understanding of the company's financial health and market position.
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