Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Okumus Fund Management Boosts Its Position in AVG Technologies

Ahmet Okumus‘ hedge fund Okumus Fund Management has recently boosted its position in software company AVG Technologies NV (NYSE:AVG). In a new filing with the Securities and Exchange Commission, Okumus revealed holding around 4.1 million shares of the company, up from some 989,200 shares mentioned in the fund’s latest 13F. The stake is activist by nature and amasses 7.58% of the company’s ordinary shares. At the current share price of AVG Technologies, Okumus’ holding is worth some $72.3 million.

AVG Technologies NV (NYSE:AVG)

The stock of AVG Technologies is up by over 10% since the beginning of the year, trailing a P/E of 13.7x. The move made by Okumus is particularly interesting, since the fund has significantly cut the stake over the past quarter, by almost 4.5 million shares.

AVG is a software development company, best known for its Internet Security software and antivirus suite. In the third quarter of the year, the company reported a revenue worth over $100 million, up from $95.3 million in the same period of last year. Non-GAAP net income amounted to $28.8 million, equal to $0.52 per diluted share,  above the $23.4 million in the third quarter of last year.

Several hedge funds are currently bullish on AVG Technologies. D E Shaw, led by D. E. Shaw, in its latest 13F, reported holding 117,000 shares, increasing its position by over 77,800 shares over the quarter. Mike Vranos‘ Ellington disclosed holding 49,300 shares, up by 8,500 shares from the second quarter. At the same time, Ardsley Partners, managed by Philip Hempleman, sold out its entire position in the company, after disclosing holding 10,000 shares as at the end of the second quarter.

Okumus Fund Management is focused mainly on mid-cap and large companies on the stock market. In its latest 13F, the fund revealed holdings in two other companies, in addition to AVG. In Vocus, Inc. (NASDAQ:VOCS), the fund revealed a $45.9 million stake, which contains over 4.9 million shares; and in Blyth, Inc. (NYSE:BTH), Okumus holds around 1.1 million shares, worth $14.8 million.

Disclosure: none

Recommended Reading:

12 West Capital Management Picks Up Stake in Aegean Marine Petroleum Network

Daniel Och, Oz Management Open Position in Re/Max Holdings

Clover Partners Soldifies Position in Alliance Bancorp Inc of Pennsylvania


DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.