Paul Singer’s Elliott Associates New Position in Lifelock, Inc
Elliott Associates has filled a SC 13D form regarding Lifelock, Inc
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. Filing Link: 000101359416001106. Per Paul Singer’s Elliott Associates’s filing, the filler now owns 5.1% of the Information Technology-company, holding 4,790,499 shares.
Lifelock, Inc is a newly disclosed equity position for the hedge fund and the filing was required due to activity on June 6, 2016. This most probably shows Paul Singer’s Elliott Associates’s confidence and optimism in the future of the company.
The hedge fund has been active in the Finance sector recently. In the fund’s latest 13F, it revealed several positions. This sector is 29% of Paul Singer’s Elliott Associates’s US equities portfolio.
Why Paul Singer’s Elliott Associates Bought Lifelock, Inc
Purpose of Transaction
The Reporting Persons believe the securities of the Issuer are undervalued and have initiated a dialogue with the Issuer’s Management and Board of Directors (the “Board”) on opportunities to enhance shareholder value. The Reporting Persons believe there is material upside from the Issuer’s share price level on May 20, 2016 of $12.19 per share, which was the day prior to the Reporting Persons’ commencement of significant purchases of shares and the subsequent share price outperformance of the Issuer’s Common Stock.
Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor (i) to increase or decrease their respective positions in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge their economic exposure to the Common Stock without affecting their beneficial ownership of shares of Common Stock.
No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons may take positions and/or make proposals with respect to, or with respect to potential changes in, the operations, management, the certificate of incorporation and bylaws, Board composition, ownership, capital or corporate structure, dividend policy, potential acquisitions or sales involving the Issuer or certain of the Issuer’s businesses or assets including advocating for a sales process, including a transaction in which the Reporting Persons may participate, strategy and plans of the Issuer as a means of enhancing shareholder value, or may change their intention with respect to any and all matters referred to in Item 4. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time in the future express their views to and/or meet with management, the Board, other shareholders or third parties, including, potential acquirers, service providers and financing sources, and/or formulate plans or proposals regarding the Issuer, its assets or its securities. Such proposals or positions may include one or more plans that relate to or would result in any of the actions set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D.
Lifelock, Inc Hedge Funds Ownership
Latest SEC filings show 175 hedge funds and institutional investors own Lifelock, Inc. The institutional ownership of the company in Q1 2015 is high, at 93.38 % of the shares outstanding. They increased by 5879937 the total shares they hold. As of that quarter these institutional investors owned 87850793 shares. A total of 33 funds opened new positions in Lifelock, Inc and 79 increased their holdings. There were 43 funds that closed their positions and 44 that reduced them.
6 investors have the firm in their Top 10. Some of these are: Deer Vi & Co. Llc, Okumus Fund Management Ltd., P.A.W. Capital Corp, Venator Capital Management Ltd., Prescott General Partners Llc, Millennium Tvp Management Co. Llc, Smith Thomas W..
Ami Asset Management Corp is the most positive institutional investor on Lifelock, Inc, with ownership of 1117711 shares as of Q1 2015 for 1.23% of the fund’s portfolio. High Point Bank & Trust Company is another positive player owning 300 shares of the company or less than 0.01% of their stocks portfolio. NY Deer Vi & Company Llc have 88.80% of their stock portfolio invested in the stock for 6165687. Further, Okumus Fund Management Ltd disclosed it had purchased a stake worth 16.04% of the fund’s stock portfolio in the company. The CT P-A-W Capital Corp was also a notable investor in the firm, owning 200000 shares. Lifelock, Inc is 2.79% of the fund’s stock portfolio.
Company Profile
LifeLock, Inc. provides proactive identity theft protection services for consumers and consumer risk management services for enterprises. The Company monitors certain identity-related events, such as new account openings and credit-related applications. It operates in two segments: consumer segment and an enterprise segment. The Company’s LifeLock ecosystem combines data repositories of personally identifiable information and consumer transactions, predictive analytics and a technology platform. It applies predictive analytics to the data in its repositories to provide its members and enterprise customers’ actionable intelligence that helps protect against identity theft and identity fraud. It offers its consumer services on a monthly or annual subscription basis. It provides consumer risk management services, including delivering its on-demand identity risk, identity-authentication and credit information about consumers to its enterprise customers in the daily transaction flows.
Form 13D is SEC filing that must be submitted within 10 days, by anyone who acquires beneficial ownership of more than 5% of any publicly traded securities. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing. These filings may be a precursor to hostile takeovers, company breakups, and other “change of control” events.
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