LogMein Inc. (NASDAQ:LOGM) had its price objective reduced by equities researchers at Needham & Company LLC from $114.00 to $98.00 in a research note issued to investors on Friday. The firm currently has a “strong-buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 10.51% from the company’s previous close.
A number of other equities analysts also recently issued reports on LOGM. Piper Jaffray Cos. reaffirmed an “overweight” rating on shares of LogMein in a report on Wednesday, July 27th. Zacks Investment Research raised LogMein from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Wednesday, October 5th. Barclays PLC upped their price target on LogMein from $57.00 to $82.00 and gave the company an “underweight” rating in a report on Wednesday, July 27th. JPMorgan Chase & Co. raised LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price target for the company in a report on Wednesday, July 27th. Finally, Cowen and Company downgraded LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price target for the company. in a report on Tuesday, July 5th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. LogMein has an average rating of “Buy” and an average target price of $84.22.
LogMein (NASDAQ:LOGM) opened at 88.68 on Friday. LogMein has a 12-month low of $35.00 and a 12-month high of $95.99. The stock’s 50 day moving average is $89.91 and its 200 day moving average is $70.73. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 174.22 and a beta of 1.37.
LogMein (NASDAQ:LOGM) last announced 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. The firm earned $83.30 million during the quarter, compared to the consensus estimate of $81.80 million. LogMein had a return on equity of 12.99% and a net margin of 4.29%. The firm’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share. Equities research analysts forecast that LogMein will post $1.93 EPS for the current fiscal year.
In other LogMein news, SVP Michael J. Donahue sold 4,137 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $80.13, for a total value of $331,497.81. Following the completion of the transaction, the senior vice president now owns 8,137 shares in the company, valued at $652,017.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Marilyn Matz sold 500 shares of the stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $83.20, for a total value of $41,600.00. Following the completion of the transaction, the director now owns 1,950 shares of the company’s stock, valued at approximately $162,240. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in LogMein by 160.9% in the second quarter. Victory Capital Management Inc. now owns 2,069 shares of the company’s stock valued at $131,000 after buying an additional 1,276 shares during the last quarter. PineBridge Investments L.P. boosted its position in LogMein by 3.4% in the second quarter. PineBridge Investments L.P. now owns 3,170 shares of the company’s stock valued at $201,000 after buying an additional 103 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in LogMein during the second quarter valued at about $208,000. Profund Advisors LLC acquired a new position in LogMein during the second quarter valued at about $211,000. Finally, Teacher Retirement System of Texas boosted its position in LogMein by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,509 shares of the company’s stock valued at $223,000 after buying an additional 425 shares during the last quarter.
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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