Web.com Group Inc (WWWW): Okumus Fund Management Ups Stake To Nearly 14%

Okumus Fund Management, managed by Ahmet Okumus, has upped its stake in Web.com Group Inc (NASDAQ:WWWW). A new filing with the U.S. Securities and Exchange Commission showed that Okumus Fund has increased its holding of Web.com Group Inc (NASDAQ:WWWW) by more than 2 million shares to 7.09 million shares. The stake represents 13.5% of common stock, and is passive by nature. Previously, Okumus Fund reported ownership of around 5 million shares of the company’s common stock, equal to 9.6% of class.

Web.com Group Inc (NASDAQ:WWWW)

Florida-based Web.com Group Inc (NASDAQ:WWWW) is engaged in providing Internet services and online marketing solutions for small businesses, and has a market cap of $1.1 billion. Last week, the company announced that it completed the refinancing of its credit facilities. The new credit facilities consist of a $200 million secured term loan and $150 million secured revolving line of credit.

At the end of July, Web.com Group Inc (NASDAQ:WWWW) reported that it acquired Scoot, which is a local online directory company in the United Kingdom. Scoot offers users a fast and easy way to find information on over 2.6 million businesses, according to a press release.

Sheffield Asset Management, run by Craig C. Albert, disclosed holding 2.17 million shares of Web.com Group Inc. (NASDAQ:WWWW), while Renaissance Technologies, led by Jim Simons, reported ownership of 540,100 shares of the company, both as at the end of the second quarter of 2014, according to our record.

New York-based Okumus Fund is a staunch value investor and primarily focuses on opportunities in the mid and large-cap equity space. In its recent 13F filing, the fund revealed its holdings for the second quarter of 2014. The estimated value of the fund’s equity portfolio for the second quarter totaled $324.5 million, up from $229.2 million for the first quarter. Okumus Fund Management’s top three holdings for the quarter are represented by Lifelock Inc (NYSE:LOCK), eBay Inc (NASDAQ:EBAY) and AVG Technologies NV (NYSE:AVG).

Okumus Fund Management revealed ownership of 9.24 million shares of Lifelock Inc (NYSE:LOCK). In eBay Inc (NASDAQ:EBAY), the fund disclosed owning 2.30 million shares, worth $115.3 million. Third most valuable holding in Okumus Fund Management’s portfolio is AVG Technologies NV (NYSE:AVG), in which the fund reduced its holding to 3.12 million shares, worth $62.7 million, from 7.15 million shares.

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