BlackRock Inc. Raises Stake in LogMein, Inc. (LOGM)

BlackRock Inc. increased its stake in shares of LogMein, Inc. (NASDAQ:LOGM) by 97,044.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,531,400 shares of the software maker’s stock after buying an additional 5,525,706 shares during the period. BlackRock Inc. owned approximately 0.11% of LogMein worth $539,312,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in LOGM. Vanguard Group Inc. increased its stake in LogMein by 112.7% in the first quarter. Vanguard Group Inc. now owns 4,446,416 shares of the software maker’s stock valued at $433,525,000 after buying an additional 2,356,291 shares during the last quarter. FMR LLC increased its stake in LogMein by 129.0% in the first quarter. FMR LLC now owns 2,903,102 shares of the software maker’s stock valued at $283,052,000 after buying an additional 1,635,216 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in LogMein by 155.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,597,788 shares of the software maker’s stock valued at $155,784,000 after buying an additional 972,980 shares during the last quarter. Alliancebernstein L.P. increased its stake in LogMein by 33.3% in the first quarter. Alliancebernstein L.P. now owns 1,361,372 shares of the software maker’s stock valued at $132,734,000 after buying an additional 340,032 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in LogMein by 58.5% in the first quarter. Bank of New York Mellon Corp now owns 1,044,570 shares of the software maker’s stock valued at $101,845,000 after buying an additional 385,740 shares during the last quarter. 97.45% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for LogMein (NASDAQ:LOGM)

Shares of LogMein, Inc. (LOGM) traded down 2.42% during midday trading on Tuesday, reaching $109.00. The company’s stock had a trading volume of 206,442 shares. The stock’s market cap is $5.74 billion. The firm has a 50-day moving average of $112.46 and a 200-day moving average of $103.53. LogMein, Inc. has a one year low of $57.81 and a one year high of $123.95.

LogMein (NASDAQ:LOGM) last posted its quarterly earnings data on Thursday, May 4th. The software maker reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.09. LogMein had a positive return on equity of 5.66% and a negative net margin of 3.35%. The business had revenue of $201.10 million for the quarter, compared to analysts’ expectations of $195.74 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The business’s revenue was up 152.3% on a year-over-year basis. On average, analysts forecast that LogMein, Inc. will post $3.87 EPS for the current year.

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Several equities research analysts have recently commented on LOGM shares. Zacks Investment Research downgraded LogMein from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 3rd. Vetr downgraded LogMein from a “hold” rating to a “sell” rating and set a $101.67 price objective for the company. in a report on Wednesday, April 26th. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price objective on shares of LogMein in a report on Friday, March 10th. Cowen and Company increased their price objective on LogMein from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, May 5th. Finally, TheStreet downgraded LogMein from a “b-” rating to a “c” rating in a report on Monday, March 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $115.30.

In other LogMein news, CEO William Raymond Wagner sold 8,750 shares of the business’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $113.94, for a total value of $996,975.00. Following the transaction, the chief executive officer now owns 53,953 shares of the company’s stock, valued at $6,147,404.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP James Lok sold 4,562 shares of the business’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $113.89, for a total value of $519,566.18. Following the completion of the transaction, the senior vice president now directly owns 2,376 shares in the company, valued at approximately $270,602.64. The disclosure for this sale can be found here. In the last three months, insiders sold 107,081 shares of company stock worth $12,073,839. Insiders own 2.50% 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 core cloud-based services are categorized into four business lines: Communications and Collaboration; Engagement and Support; Identity and Access, and Additional Service Offerings.

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