GoDaddy's stock jumps toward a near 5-month high after WSJ report of Starboard taking a sizable stake

Shares of GoDaddy Inc. GDDY, +0.06% shot up 8.1% toward a near five-month high in morning trading Monday, after The Wall Street Journal reported that hedge fund Starboard Value LP has acquired a 6.5% stake in the company. The domain name registration company’s stock has run up 17.6% amid a six-day win streak, putting it on track for the highest close since Aug. 4. With a market capitalization of $13.68 billion, a 6.5% stake would be valued at nearly $900 million. The WSJ report, which cited people familiar with the matter, said that Starboard’s exact plans couldn’t be learned, but that the activist investors typically urges companies to boost performance and seeks board representation. GoDaddy’s stock has lost 3.3% over the past 12 months, while the S&P 500 has rallied 28.7%.

Source: Marketwatch

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