LogMein Inc. (LOGM) Trading Up 3.4%
Shares of LogMein Inc. (NASDAQ:LOGM) were up 3.4% during mid-day trading on Tuesday . The company traded as high as $83.03 and last traded at $82.87, with a volume of 359,146 shares. The stock had previously closed at $80.17.
A number of analysts have recently issued reports on LOGM shares. TheStreet upgraded shares of LogMein from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Cowen and Company downgraded shares of 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. Zacks Investment Research downgraded shares of LogMein from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Barclays PLC raised their price target on shares of LogMein from $49.00 to $57.00 and gave the stock an “underweight” rating in a report on Friday, July 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $81.00 price target (up previously from $57.00) on shares of LogMein in a report on Sunday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $77.90.
The company’s 50-day moving average is $74.20 and its 200 day moving average is $59.76. The firm has a market capitalization of $2.10 billion and a P/E ratio of 162.91.
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 consensus estimate of $0.46 by $0.03. The business earned $83.30 million during the quarter, compared to analysts’ expectations of $81.80 million. During the same period last year, the company earned $0.35 EPS. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. Equities analysts forecast that LogMein Inc. will post $1.93 earnings per share for the current fiscal year.
The firm also recently declared a special dividend, which will be paid on Friday, August 26th. Shareholders of record on Monday, August 8th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 4th.
In related news, SVP Lawrence M. D’angelo sold 11,891 shares of the company’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $62.40, for a total transaction of $741,998.40. Following the completion of the transaction, the senior vice president now owns 300 shares of the company’s stock, valued at $18,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marilyn Matz sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $83.20, for a total transaction of $41,600.00. Following the transaction, the director now directly owns 1,950 shares of the company’s stock, valued at approximately $162,240. The disclosure for this sale can be found here.
A number of institutional investors recently modified their holdings of the company. Wells Fargo & Company MN raised its position in shares of LogMein by 291.1% in the fourth quarter. Wells Fargo & Company MN now owns 334,576 shares of the company’s stock valued at $22,449,000 after buying an additional 249,021 shares during the period. Principal Financial Group Inc. raised its stake in LogMein by 5.2% in the fourth quarter. Principal Financial Group Inc. now owns 170,872 shares of the company’s stock valued at $11,465,000 after buying an additional 8,402 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in LogMein by 7.2% in the fourth quarter. New York State Common Retirement Fund now owns 51,536 shares of the company’s stock valued at $3,458,000 after buying an additional 3,461 shares during the last quarter.
LogMeIn, Inc provides a portfolio of cloud-based service offerings. The Company’s services range from free downloadable mobile and Web-based collaboration apps to enterprise grade professional helpdesk solutions to a cloud-based platform for the Internet of Things, all of which are accessible with an Internet connection.