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Insperity Inc. (NSP): Jeffrey Smith’s Starboard Value Decreases Stake

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It was revealed in a newly-amended 13D filing with the US Securities and Exchange Commission that Jeffrey Smith‘s Starboard Value owns 1.81 million shares of Insperity Inc. (NYSE:NSP), which account for 8.5% of the company’s shares. This represents a decrease in the fund’s stake, as Starboard Value reported holding 2.27 million shares or 10.6% of the company’s float, in its previous 13D filing on the company, on May 25.

Jeff Smith

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Insperity (NYSE:NSP) is a company that provides a variety of business and human resources solutions, helping America’s business community grow and develop. For the 11th year in a row, Insperity was named one of the best companies to work for in Texas in April. Since the beginning of the year, the company’s stock has gained 50.88%. For the first quarter of 2016,  Insperity (NYSE:NSP) reported earnings per share of $1.63 and revenue of $802.4 million, topping EPS estimates of $1.35 but slightly missing revenue expectations of $803.71 million. At the beginning of May, Robert W. Baird reiterated its ‘Buy’ rating on Insperity’s stock, while Roth Capital boosted its price target to $76.00 from $72.00, and also has a ‘Buy’ rating on it.

Among hedge funds tracked by Insider Monkey, Starboard Value reported the most valuable position in Insperity (NYSE:NSP) as of the end of March, worth around $172.6 million. The second-biggest position in the company was reported by Paul Marshall and Ian Wace’s Marshall Wace LLP, and was valued at $10.1 million. Some other investors that were bullish on this stock contain Michael R. Weisberg’s Crestwood Capital Management, John Overdeck and David Siegel’s Two Sigma Advisors, and Tim Curro’s Value Holdings LP.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 1,809,981 1,809,981 1,809,981 1,809,981 1,809,981 8.5%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 1,078,052 1,809,981 1,078,052 1,809,981 1,078,052 5.0%
STARBOARD VALUE AND OPPORTUNITY S 241,343 1,809,981 241,343 1,809,981 241,343 1.1%
STARBOARD VALUE AND OPPORTUNITY C 130,934 130,934 130,934 Less than 1%
STARBOARD VALUE R 130,934 130,934 130,934 Less than 1%
STARBOARD VALUE R GP 130,934 130,934 130,934 Less than 1%
STARBOARD VALUE GP 1,809,981 1,809,981 1,809,981 8.5%
STARBOARD PRINCIPAL CO 1,809,981 1,809,981 1,809,981 8.5%
STARBOARD PRINCIPAL CO GP 1,809,981 1,809,981 1,809,981 8.5%
JEFFREY C. SMITH 1,945 1,945 1,809,981 8.5%
MARK R. MITCHELL 1,809,981 8.5%
PETER A. FELD 1,811,926 8.5%

Jeffrey Smith
Jeffrey Smith
Starboard Value LP

Page 1 of 20 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 6)1
Insperity, Inc.
(Name of Issuer)
Common Stock, $0.01 Par Value
(Title of Class of Securities)
45778Q107
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
 
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
May 27, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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