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

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

Activist investor Starboard Value has taken a 6.5% stake in GoDaddy, sparking a rally in inventory of the net companies firm.

The hedge fund purchased greater than 10,000 shares of GoDaddy, price about $800 million, in accordance with a regulatory submitting. The brand new stake grew to become the largest holding for Starboard.

Shares of GoDaddy jumped greater than 9% on the information Monday.

The inventory is flat on the 12 months at the same time as the corporate has skilled a surge in on-line site visitors amid the Covid-19 pandemic.

The Wall Street Journal first reported Starboard’s stake.

Starboard Value and GoDaddy didn’t instantly reply to CNBC’s requests for remark.

Starboard Value’s CEO, Jeff Smith, has been a prolific activist investor even in the course of the pandemic as he pushed for modifications in firms throughout the veterinary, chemical compounds and health-care industries.

Starboard Value manages about $6.2 billion in property, in accordance with filings by the primary quarter of 2020. Smith spun the New York-based hedge fund out of funding agency Ramius in 2011.

— CNBC’s Jesse Pound contributed reporting.

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