Web.com Group Inc. (WWWW): Okumus Fund Management Reveals New Passive Stake

In a new filing with the U.S. Securities and Exchange Commission, Okumus Fund Management, run by Ahmet Okumus, has disclosed initiating a new position in Web.com Group Inc. (NASDAQ:WWWW). According to the filing, Okumus Fund holds around 5 million shares of the company’s common stock. The stake represents 9.6% of class, and is passive by nature.

Web.com Group Inc (NASDAQ:WWWW)

Web.com Group Inc. (NASDAQ:WWWW) is a provider of Internet services and online marketing solutions for small businesses. Its market cap is $1.04 billion. Analysts have the consensus average target price of $27.92 for the company’s stock, while the consensus average recommendation is ‘Overweight.’

At the end of last month, Web.com Group Inc. (NASDAQ:WWWW) reported the acquisition of Scoot, a local online directory company in the United Kingdom. Financial details of the deal were not disclosed. The Scoot network operates the largest online only business directory network in the UK with more than 400 websites.

For the second quarter of 2014, Web.com Group Inc. (NASDAQ:WWWW) reported non-GAAP net income of $33.6 million, or $0.62 per diluted share, compared to non-GAAP net income of $26.4 million, or $0.51 per diluted share, in the same quarter a year ago. The company posted total revenue of $138.2 million, up from $120.4 million in the second quarter of 2013, according to a press release.

Aside from Okumus Fund Management, Craig C. Albert’s Sheffield Asset Management holds 1.13 million shares of Web.com Group Inc. (NASDAQ:WWWW), while Renaissance Technologies, managed by Jim Simons, revealed ownership of 760,732 shares of the company, both as at the end of the first quarter.

New York-based Okumus Fund is a staunch value investor and primarily focuses on opportunities in the mid and large-cap equity space. It is estimated that the fund maintains a portfolio 90% of which consist of long positions and 15% are short positions. In its latest 13F filing, Okumus Fund revealed only four equity positions. In terms of value, AVG Technologies NV (NYSE:AVG) was represented as the largest holding, in which the fund disclosed ownership of 7.15 million shares.

Disclosure: none

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!