According to a regulatory filling by the US Securities Commission, Starboard Value LP has acquired a 6.5% stake in a firm called GoDaddy. 

The stake is worth $800 million, which has caused a price surge from $75.98 to $80.65, an estimation of 6% increase according to Market Watch.

With the stake acquisition first reported by the Wall Street Journal, Starboard Value has shown interest in GoDaddy as an undervalued investment and aims to boost the performance of the company.  

Starboard Value LP

• A hedge fund based in New York
• Aims to invest in undervalued companies which would create value for their shareholders
• Past acquisitions in domain-registry companies include Web.com

GoDaddy

• A web hosting service provider based in Tempe, Arizona
• Founded by Bob Parsons in 1997
• Provides services such as Microsoft 365, WordPress hosting and Professional Email 
• Services are mostly catered to Small and Mid-Sized Enterprise (SME)