Five Under-the-Radar Tech Stocks that Okumus Fund Loves

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New York-based Okumus Fund founded by Ahmet Okumus mainly focuses on value based investing in mid and large-cap equity. The fund maintains a portfolio which consists of 90% long and 15% short positions. In this article we will look at tech stocks which the fund likes.

According to Okumus’ last 13F filing, the fund held an equity portfolio worth $577.73 million at the end of June, with more than half represented by technology stocks. In this article, let’s look at some under-the-radar tech stocks that Ahmet Okumus is betting on, which include Web.com Group Inc (NASDAQ:WEB), Lifelock Inc (NYSE:LOCK), Barracuda Networks Inc (NYSE:CUDA), Bazaarvoice Inc (NASDAQ:BV), and Endurance International Group Hldgs Inc (NASDAQ:EIGI).

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Ahmet Okumus - Okumus Capital

Web.com Group Inc (NASDAQ:WEB)

– Shares Owned by Okumus Fund (as of June 30): 9.56 million

– Value of Okumus Fund holding (as of June 30): $173.80 million

The first under-the-radar stock in which Okumus Fund Management increased its stake is Web.com Group Inc (NASDAQ:WEB) by 36% during the second quarter and  owned 9.56 million shares worth $173.80 million at the end of June. Recently, Web.com Group has opened a digital customer service center in New Glasgow, which will allow it to be eligible for $6.3 million of taxpayers’ money from Nova Scotia’s government if it is able to create employment for 330 people. This is company’s third operation in Nova Scotia. Web.com Group Inc (NASDAQ:WEB)’s stock has lost over 13% since the beginning of the year as the company reported only slightly better-than-expected results for the first quarter and missed on the revenue side in its second-quarter report. Overall, the number of funds from our database long Web.com Group Inc (NASDAQ:WEB) declined to 19 from 25 the second quarter.

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Lifelock Inc (NYSE:LOCK)

– Shares Owned by Okumus Fund (as of June 30): 5.36 million

– Value of Okumus Fund holding (as of June 30): $85.43 million

Okumus Fund Management reduced its exposure to Lifelock Inc (NYSE:LOCK) by 41% on the quarter to 5.36 million shares worth $85.43 million. Recently Goldman Sachs initiated coverage on the stock with a ‘Neutral’ rating. Goldman Sachs analyst Gabriela Borges considers that shares of the company have recovered from pre-litigation levels; hence adoption by customers along with M&A could be the next trigger. The stock has surged by more than 18% since the beginning of the year. At the end of June, there were 22 investors tracked by Insider Monkey that held shares of Lifelock Inc (NYSE:LOCK), having amassed nearly 25% of its outstanding stock.

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On the next page, we will talk about Barracuda Networks Inc (NYSE:CUDA), Bazaarvoice Inc (NASDAQ:BV), and Endurance International Group Hldgs Inc (NASDAQ:EIGI).

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