LogMein Inc. (LOGM) Sees Unusually-High Trading Volume
Shares of LogMein Inc. (NASDAQ:LOGM) saw unusually-high trading volume on Monday . Approximately 523,900 shares changed hands during mid-day trading, an increase of 91% from the previous session’s volume of 273,948 shares.The stock last traded at $88.21 and had previously closed at $86.04.
LOGM has been the subject of a number of research reports. TheStreet upgraded LogMein from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Zacks Investment Research cut LogMein from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Cowen and Company cut LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price target for the company. in a research note on Tuesday, July 5th. JPMorgan Chase & Co. upgraded LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price target for the company in a research note on Wednesday, July 27th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating on shares of LogMein in a research note on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $77.44.
The firm has a market capitalization of $2.23 billion and a PE ratio of 173.30. The firm has a 50 day moving average price of $79.10 and a 200 day moving average price of $61.95.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $83.30 million for the quarter, compared to analysts’ expectations of $81.80 million. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. Analysts predict that LogMein Inc. will post $1.93 earnings per share for the current year.
The company also recently declared a special dividend, which was paid on Friday, August 26th. Stockholders of record on Monday, August 8th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 4th.
In other news, SVP Michael J. Donahue sold 4,137 shares of LogMein stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $80.13, for a total transaction of $331,497.81. Following the completion of the sale, the senior vice president now directly owns 8,137 shares of the company’s stock, valued at approximately $652,017.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Marilyn Matz sold 500 shares of LogMein stock in a transaction 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 sale, the director now directly owns 1,950 shares of the company’s stock, valued at $162,240. The disclosure for this sale can be found here.
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.