The New Symantec Corp Holding in Lifelock, Inc
Symantec Corp filed with the SEC SC 13D form for Lifelock, Inc. The form can be accessed here: 000119312516781183. As reported in Symantec Corp’s form, the filler as of late owns 9.36% or 9,521,303 shares of the Information Technology–company.
Lifelock, Inc stake is a new one for the and it was filed because of activity on November20, 2016. We feel this shows Symantec Corp’s positive view for the stock.
Reasons Why Symantec Corp Bought – Lifelock, Inc Stock
Purpose of Transaction
Item3 is incorporated by reference in this Item4 as if fully setforth herein.
As described in Item3 above, this Schedule 13D relates to the proposed Merger involving the Issuer and Symantec pursuant to the termsof the Merger Agreement. To induce Symantec to enter into the Merger Agreement, each of the Stockholders entered into a Support Agreement. The purpose of the Support Agreements is to facilitate the consummation of the Merger.
Pursuant to the terms of the Merger Agreement and subject to the conditions therein, at the effective time of the Merger, each share of Common Stock issuedand outstanding as of immediately prior to the effective time (other than shares held by (1)Symantec, Merger Sub, the Issuer (including shares held in treasury) or their respective subsidiaries; and (2)Issuer stockholders who haveproperly and validly exercised and perfected appraisal rights under Delaware law) will be cancelled and automatically converted into the right to receive cash in an amount equal to $24.00, without interest thereon (the “Per ShareAmount”). In addition, subject to certain exceptions, unvested option awards and unvested restricted stock unit awards of the Issuer will be converted (pursuant to an exchange ratio determined based on Symantec’s stock price atclosing) into corresponding awards that are subject to shares of Symantec common stock, on generally the same terms and conditions as such unvested award of the Issuer. All shares of Common Stock underlying vested option awards and vested restrictedstock unit awards will be converted into the right to receive the Per Share Amount (or, in the case of a vested option award, the spread between the Per Share Amount and the applicable exercise price).
Consummation of the Merger is subject to certain conditions, including (1)the receipt of the necessary approval from the Issuer’s stockholders;(2)the expiration or termination of any waiting periods under the Hart-Scott-Rodino Act; and (3)the absence of any law or order restraining, enjoining or otherwise prohibiting consummation of the Merger. Each of Symantec’s and theIssuer’s obligation to consummate the Merger is also subject to certain additional customary conditions, including (1)subject to specific standards, the accuracy of the representations and warranties of the other party;(2)performance in all material respects by the other party of its obligations under the Merger Agreement; and (3)in the case of Symantec only, the absence of a material adverse effect with respect to the Issuer.
The Merger Agreement provides that the parties thereto will take all necessary actions so that at the effective time of the Merger, the initial officers anddirectors of the Surviving Corporation will be the officers and directors of Merger Sub as of immediately prior to the effective time of the Merger, each to hold office in accordance with the certificate of incorporation and bylaws of the SurvivingCorporation until their respective successors are duly appointed (or in the case of directors, duly elected or appointed and qualified).
In addition, theMerger Agreement provides that: (1)the certificate of incorporation will be amended and restated in its entirety to read substantially identically to the certificate of incorporation of Merger Sub as in effect immediately prior to theeffective time of the Merger, and such amended and restated certificate of incorporation will become the certificate of incorporation of the Surviving Corporation (except that at the effective time of the Merger the certificate of incorporation ofthe Surviving Corporation will be amended so that the name of the Surviving Corporation will be “LifeLock, Inc.”); and (2)the bylaws of Merger Sub, as in effect immediately prior to the effective time of the Merger, will be thebylaws of the Surviving Corporation.
As promptly as practicable after the effective time of the Merger, the Common Stock shall (a)be delisted fromthe New York Stock Exchange and (b)deregistered under the Act. As a result, there will be no public market for such shares and the Issuer’s reporting obligations under the Act will be suspended and/or terminated.
Except as set forth in this Schedule 13D and in connection with the Merger described above, neither Symantec nor, to the best of Symantec’s knowledge,any of the persons listed in Annex A has any plans or proposals that relate to or would result in any of the transactions described in subparagraphs (a)through (j)of Item4 of Schedule 13D.
Lifelock, Inc Institutional Sentiment
Latest Security and Exchange filings show 148 investors own Lifelock, Inc. The institutional ownership in Q3 2015 is high, at 90.96% of the outstanding shares. This is decreased by 5106990 the total institutional shares. 85641103 were the shares owned by these institutional investors. In total 40 funds opened new Lifelock, Inc stakes, 50 increased stakes. There were 66 that closed positions and 42 reduced them.
8 managers had the stock in their top Ten. Notable investors are: Antipodean Advisors Llc, Deer Vi & Co. Llc, S&T Bank Pa, Okumus Fund Management Ltd., Prescott General Partners Llc, S Squared Technology Llc, Ashford Capital Management Inc, Millennium Tvp Management Co. Llc, P.A.W. Capital Corp, Crosslink Capital Inc..
Ahmet Okumus Okumus Fund Management Ltd is an institutional investor bullish on Lifelock, Inc, owning 8840258 shares as of Q3 2015 for 10.13% of its portfolio. Prescott General Partners Llc owns 8779258 shares or 5.66% of its portfolio. NY Deer Vi & Company Llc have 80.75% of their stock portfolio for 6165687 shares. Further, P-A-W Capital Corp reported stake worth 3.26% of its US stock portfolio. The CA Ami Asset Management Corp owns 1131020 shares. Lifelock, Inc is 0.76% of the manager’s US portfolio.
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.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. 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.
Insitutional Activity: The institutional sentiment increased to 1.03 in Q2 2016. Its up 0.02, from 1.01 in 2016Q1. The ratio increased, as 22 funds sold all Lifelock Inc shares owned while 49 reduced positions. 30 funds bought stakes while 42 increased positions. They now own 82.90 million shares or 2.14% less from 84.71 million shares in 2016Q1.
Spot Trading Llc, a Illinois-based fund reported 72,207 shares. Qcm Cayman Limited, a Texas-based fund reported 10,096 shares. Rice Hall James And Limited Liability Company accumulated 1.33M shares or 1.21% of the stock. Paw Capital Corp has invested 3.62% of its portfolio in Lifelock Inc (NYSE:LOCK). Moreover, Jpmorgan Chase & Co has 0% invested in Lifelock Inc (NYSE:LOCK) for 1,890 shares. Us National Bank De has invested 0% of its portfolio in Lifelock Inc (NYSE:LOCK). Alliancebernstein Limited Partnership owns 121,440 shares or 0% of their US portfolio. Tiaa Cref Inv Mngmt Limited Liability holds 0% or 348,919 shares in its portfolio. Weber Alan W last reported 50,000 shares in the company. Portolan Management Ltd Company holds 486,186 shares or 1.11% of its portfolio. Gilman Hill Asset Limited accumulated 40,017 shares or 0.26% of the stock. Sandy Spring Bank reported 200 shares or 0% of all its holdings. Hap Trading Limited Co accumulated 40,513 shares or 0.04% of the stock. Moreover, Greenwich Investment Management has 0.64% invested in Lifelock Inc (NYSE:LOCK) for 38,165 shares. Teachers Advsrs last reported 0% of its portfolio in the stock.
Insider Transactions: Since June 2, 2016, the stock had 0 buys, and 17 insider sales for $3.65 million net activity. 21,000 shares were sold by Power Chris G, worth $294,320 on Tuesday, June 7. 2,100 shares with value of $35,763 were sold by Davis Richard Todd on Thursday, October 6.
Analysts await Lifelock Inc (NYSE:LOCK) to report earnings on February, 8. They expect $0.40 EPS, up 53.85% or $0.14 from last year’s $0.26 per share. LOCK’s profit will be $37.63 million for 14.88 P/E if the $0.40 EPS becomes a reality. After $0.25 actual EPS reported by Lifelock Inc for the previous quarter, Wall Street now forecasts 60.00% EPS growth.
The stock increased 0.04% or $0.01 during the last trading session, hitting $23.81. Lifelock Inc (NYSE:LOCK) has risen 109.96% since April 28, 2016 and is uptrending. It has outperformed by 104.04% the S&P500.
LifeLock, Inc. provides proactive identity theft protection services for clients and consumer risk management services for enterprises. The company has a market cap of $2.24 billion. The Firm monitors certain identity-related events, such as new account openings and credit-related applications. It has a 128.11 P/E ratio. It operates in two divisions: consumer segment and an enterprise segment.
Lifelock Inc (NYSE:LOCK) Ratings Coverage
Out of 8 analysts covering LifeLock Inc (NYSE:LOCK), 2 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 25% are positive. $24 is the highest target while $9.25 is the lowest. The $18.50 average target is -22.30% below today’s ($23.81) stock price. LifeLock Inc has been the topic of 24 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Dougherty & Company downgraded the shares of LOCK in a report on Friday, July 31 to “Neutral” rating. As per Wednesday, July 22, the company rating was downgraded by RBC Capital Markets. Needham initiated the shares of LOCK in a report on Friday, December 18 with “Buy” rating. Pacific Crest downgraded the stock to “Sector Perform” rating in Wednesday, July 22 report. The stock of Lifelock Inc (NYSE:LOCK) has “Buy” rating given on Monday, June 20 by Needham. Dougherty & Company upgraded Lifelock Inc (NYSE:LOCK) rating on Thursday, October 29. Dougherty & Company has “Buy” rating and $19 price target. The firm has “Neutral” rating by Bank of America given on Thursday, July 30. RBC Capital Markets maintained the stock with “Sector Perform” rating in Thursday, January 21 report. The firm has “Buy” rating given on Thursday, February 11 by Needham. Wunderlich upgraded it to “Buy” rating and $18 target price in Thursday, October 29 report.
More news for Lifelock Inc (NYSE:LOCK) were recently published by: Ibtimes.com, which released: “Symantec Corp. (SYMC) Buying LifeLock Inc. (LOCK) For $2.3 Billion” on November 21, 2016. Businesswire.com‘s article titled: “LifeLock Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers …” and published on November 29, 2016 is yet another important article.
According to Zacks Investment Research, “Life Lock, Inc. offers identity theft protection services primarily in the United States. It operates in two segments: consumer segment and an enterprise segment. The company protects consumer subscribers through monitoring identity-related events, such as new account openings and credit-related applications; and enterprise customers through delivering on-demand identity risk and authentication information about consumers. Its customers include financial institutions, telecommunication and cable services providers, government agencies, technology companies, large retailers, automobile and mortgage lenders, and e-commerce providers. Life Lock, Inc. is headquartered in Tempe, Arizona.”
LOCK Company Profile
LifeLock, Inc., incorporated on April 12, 2005, is a well-known provider of proactive identity theft protection services for clients and consumer risk management services for enterprises. The Firm monitors certain identity-related events, such as new account openings and credit-related applications. It operates in two divisions: 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. The Firm 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. The Firm offers its consumer services on a monthly or annual subscription basis.
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