Essex Investment Management Co. LLC reduced its position in shares of LogMein Inc. (NASDAQ:LOGM) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,934 shares of the company’s stock after selling 282 shares during the period. Essex Investment Management Co. LLC’s holdings in LogMein were worth $1,582,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in LOGM. Norges Bank acquired a new stake in shares of LogMein during the fourth quarter worth approximately $13,715,000. Aperio Group LLC increased its stake in shares of LogMein by 35.6% in the first quarter. Aperio Group LLC now owns 4,968 shares of the company’s stock worth $251,000 after buying an additional 1,305 shares in the last quarter. Pacad Investment Ltd. increased its stake in shares of LogMein by 261.7% in the first quarter. Pacad Investment Ltd. now owns 14,512 shares of the company’s stock worth $732,000 after buying an additional 10,500 shares in the last quarter. BlackRock Inc. increased its stake in shares of LogMein by 1.1% in the first quarter. BlackRock Inc. now owns 17,141 shares of the company’s stock worth $865,000 after buying an additional 194 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in shares of LogMein by 3.3% in the first quarter. BlackRock Group LTD now owns 72,899 shares of the company’s stock worth $3,679,000 after buying an additional 2,331 shares in the last quarter.
Shares of LogMein Inc. (NASDAQ:LOGM) traded up 0.16% on Friday, hitting $90.39. The company’s stock had a trading volume of 281,791 shares. LogMein Inc. has a 52 week low of $35.00 and a 52 week high of $94.42. The stock’s 50 day moving average price is $86.54 and its 200 day moving average price is $67.08. The stock has a market capitalization of $2.29 billion, a P/E ratio of 177.58 and a beta of 1.20.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.03. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The company earned $83.30 million during the quarter, compared to analysts’ expectations of $81.80 million. During the same period in the prior year, the company earned $0.35 earnings per share. The business’s quarterly revenue was up 28.4% compared to the same quarter last year. On average, analysts forecast that LogMein Inc. will post $1.93 earnings per share for the current fiscal year.
LOGM has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded LogMein from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Cowen and Company downgraded LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a research report on Tuesday, July 5th. Barclays PLC lifted their price objective on LogMein from $49.00 to $57.00 and gave the company an “underweight” rating in a research report on Friday, July 15th. JPMorgan Chase & Co. upgraded LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 target price on the stock in a report on Wednesday, July 27th. Finally, Needham & Company LLC lifted their target price on LogMein from $81.00 to $98.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $77.44.
In other news, Director Steven G. Chambers sold 4,540 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $84.42, for a total transaction of $383,266.80. Following the completion of the sale, the director now owns 1,850 shares of the company’s stock, valued at $156,177. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Michael J. Donahue sold 6,034 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $84.49, for a total transaction of $509,812.66. Following the sale, the senior vice president now directly owns 8,534 shares of the company’s stock, valued at approximately $721,037.66. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
LogMein Company Profile
LogMeIn, Inc provides a portfolio of cloud-based service offerings, which helps people and businesses to connect to their workplace, colleagues and customers. The Company’s product line includes AppGuru, BoldChat, Cubby, join.me, LastPass, LogMeIn Pro, LogMeIn Central, LogMeIn Rescue, LogMeIn Rescue+Mobile, LogMeIn Backup, LogMeIn for iOS, LogMeIn Hamachi, MeldiumTM, Xively and RemotelyAnywhere.
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