Stock Groups

GoDaddy Jumps on Report Hedge Fund Starboard Owns 6.5% Stake -Breaking

by Mike Robinson

[ad_1]

© Reuters.

By Dhirendra Tripathi

Investing.com – GoDaddy stock (NYSE:) rose 4.3% in Monday’s pre-market trading after The Wall Street Journal reported that hedge fund Starboard Value controls a roughly 6.5% stake in the domain registrar and plans to push the company to boost its performance.

As GoDaddy’s Thursday closing price of $76, the activist investor’s stake would be worth over $810 million.

The website of the New York-based fund says it “seeks to invest in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders”.

GoDaddy shares fell more than 10% in an equity market record year, while the Nasdaq Composite returned over 22%.

Early November saw a slight bump in shares as the company announced a 14% increase in revenue in the third quarter to $964million and a forecast for full-year revenues of $3.8 billion. This is based on its continued momentum in domains registry, and the demand for its ecommerce tools. After reports of a slump, the shares fell on news that there was a.

Jeffrey Smith runs Starboard. Prior to founding it, Smith was the partner managing director at Ramius. A Cowen Group subsidiary.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]