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Starboard Value builds 6.5% stake in GoDaddy, sending shares up 9%
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Activist investor Starboard Value has taken a 6.5% stake in GoDaddy, sparking a rally in shares 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 experienced a surge in online traffic amid the Covid-19 pandemic.
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