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

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 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!