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Starboard Value builds 6.5% stake in GoDaddy, sending shares up 9%
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cnbc.comIn this article
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.
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 CEO Jeff Smith has been a prolific activist investor even during the pandemic as he pushed for
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