Godaddy CEO Amanpal Singh Bhutani sells $1.9 million in stock

Amanpal Singh Bhutani, the CEO of GoDaddy Inc. (NYSE:GDDY), recently sold shares of the company valued at approximately $1.9 million. The transactions, disclosed in a regulatory filing, took place over two days. The sale comes as GoDaddy's stock trades near its 52-week high of $208.71, having delivered an impressive 96% return year-to-date.

On December 2, Bhutani sold 3,000 shares of Class A Common Stock at an average price of $197.77 per share, totaling $593,310. The sale was conducted under a pre-established 10b5-1 trading plan, which allows insiders to set up a trading plan for selling stocks they own. According to InvestingPro analysis, the stock appears overvalued at current levels, with technical indicators suggesting overbought conditions.

The following day, December 3, Bhutani sold an additional 6,803 shares at an average price of $196.64, amounting to $1,337,711. This particular transaction was made to cover tax withholding obligations related to the vesting of Restricted Stock Units, as per company policy.

After these transactions, Bhutani retains ownership of 336,153 shares of GoDaddy's Class A Common Stock.

In other recent news, GoDaddy Inc. has seen significant developments. RBC Capital Markets raised the company's share target to $230 due to optimism around GoDaddy's Airo platform. This follows GoDaddy's recent annual investor dinner, where the Airo platform's advanced AI web design features were showcased, particularly the newly introduced Airo Plus.

Analysts noted increased customer engagement with Airo since the last earnings report, leading to a revenue growth of 6.85% in the last twelve months. In line with this, both JPMorgan and Baird have raised their price targets for GoDaddy, signaling confidence in the company's growth trajectory.

GoDaddy also introduced Airo Plus, a new premium service, and appointed Phontip Palitwanon as the new Chief Accounting Officer following a restructuring within the accounting department. These recent developments are part of GoDaddy's broader internal optimization efforts, which have resulted in customers adopting secondary products 25% quicker and potential operational expenditure savings.

Oppenheimer reiterated a Perform rating on GoDaddy's shares, while JPMorgan raised its price target for the company's shares to $224.00, maintaining an Overweight rating. Likewise, Baird reiterated its Outperform rating on GoDaddy shares, raising the price target from $200 to $225. These developments reflect the market's confidence in GoDaddy's growth potential.

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