Investing

Starboard Value builds 6.5% stake in GoDaddy, sending shares up 9%

0


Spencer Platt | Getty Images

Activist investor Starboard Value has taken a 6.5% stake in GoDaddy, sparking a rally in stock of the web services company.

The hedge fund bought more than 10,000 shares of GoDaddy, worth about $800 million, according to a regulatory filing. The new stake became the biggest holding for Starboard.

Shares of GoDaddy jumped more than 9% on the news Monday.

The stock is flat on the year even as the company has experienced a surge in online traffic amid the Covid-19 pandemic.

The Wall Street Journal first reported Starboard’s stake.

Starboard Value and GoDaddy did not immediately respond to CNBC’s requests for comment.

Starboard Value’s CEO, Jeff Smith, has been a…



Source cnbc.com

0 0 votes
Article Rating

China to remove foreign investment limit passenger car manufacturing

Previous article

Fitch Ratings on liquidity of China real estate developers, debt crisis

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Investing