Needham & Company LLC Cuts LogMein Inc. (LOGM) Price Target to $98.00

LogMein Inc. (NASDAQ:LOGM) had its price objective cut by Needham & Company LLC from $114.00 to $98.00 in a research report report published on Friday morning. They currently have a strong-buy rating on the stock.

LOGM has been the subject of a number of other research reports. Barclays PLC upgraded shares of LogMein from an underweight rating to an overweight rating and increased their price objective for the company from $82.00 to $105.00 in a research note on Monday, October 3rd. Zacks Investment Research upgraded shares of LogMein from a hold rating to a buy rating and set a $105.00 price objective for the company in a research note on Wednesday, October 5th. Cowen and Company cut shares of LogMein from an outperform rating to a market perform rating and set a $63.00 target price for the company. in a research report on Tuesday, July 5th. TheStreet upgraded shares of LogMein from a hold rating to a buy rating in a research report on Wednesday, July 27th. Finally, Piper Jaffray Cos. reiterated an overweight rating on shares of LogMein in a research report on Wednesday, July 27th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. LogMein presently has a consensus rating of Buy and a consensus target price of $84.22.

Shares of LogMein (NASDAQ:LOGM) opened at 88.86 on Friday. LogMein has a 12-month low of $35.00 and a 12-month high of $95.99. The company has a 50 day moving average of $90.08 and a 200-day moving average of $71.00. The company has a market capitalization of $2.25 billion, a P/E ratio of 174.58 and a beta of 1.37.

LogMein (NASDAQ:LOGM) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the company posted $0.35 EPS. The business’s revenue was up 28.4% on a year-over-year basis. On average, equities analysts anticipate that LogMein will post $1.93 EPS for the current fiscal year.

In other news, SVP Michael J. Donahue sold 6,034 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $84.49, for a total value of $509,812.66. Following the transaction, the senior vice president now owns 8,534 shares of the company’s stock, valued at approximately $721,037.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marilyn Matz sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $83.20, for a total transaction of $41,600.00. Following the completion of the transaction, the director now directly owns 1,950 shares in the company, valued at approximately $162,240. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. raised its position in shares of 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 period. Amalgamated Bank acquired a new position in shares of LogMein during the second quarter valued at about $245,000. Janney Montgomery Scott LLC acquired a new position in shares of LogMein during the second quarter valued at about $208,000. PineBridge Investments L.P. raised its position in shares of 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 period. Finally, Profund Advisors LLC acquired a new position in shares of LogMein during the second quarter valued at about $211,000.

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.

5 Day Chart for NASDAQ:LOGM

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