Starboard Acquires Stake Worth $800 Million in GoDaddy

The company logo and ticker for GoDaddy Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, on March 4, 2019. Brendan McDermid/Reuters

Activist investor Starboard Value LP has purchased a 6.5 percent stake in web services firm GoDaddy Inc. worth about $800 million, according to a regulatory filing with the Securities and Exchange Commission.

Shares of GoDaddy, which have dropped 8 percent so far this year, rose 2.6 percent in premarket trading.