Redwood Investments LLC Takes Position in LogMein Inc. (LOGM)
Redwood Investments LLC acquired a new position in shares of LogMein Inc. (NASDAQ:LOGM) during the second quarter, Holdings Channel reports. The institutional investor acquired 48,813 shares of the company’s stock, valued at approximately $3,096,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of LOGM. Renaissance Technologies LLC increased its position in LogMein by 43.0% in the first quarter. Renaissance Technologies LLC now owns 901,000 shares of the company’s stock worth $45,464,000 after buying an additional 270,800 shares during the period. Bank of Montreal Can acquired a new position in LogMein during the second quarter worth about $15,298,000. BlackRock Inc. increased its position in LogMein by 1.1% in the first quarter. BlackRock Inc. now owns 17,141 shares of the company’s stock worth $865,000 after buying an additional 194 shares during the last quarter. Aperio Group LLC increased its position in LogMein by 35.6% in the first quarter. Aperio Group LLC now owns 4,968 shares of the company’s stock worth $251,000 after buying an additional 1,305 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position in LogMein by 1.2% in the first quarter. Nuveen Asset Management LLC now owns 24,182 shares of the company’s stock worth $1,220,000 after buying an additional 277 shares during the last quarter.
LogMein Inc. (NASDAQ:LOGM) remained flat at $93.42 during trading on Wednesday. 131,281 shares of the stock were exchanged. The firm has a market capitalization of $2.36 billion, a P/E ratio of 183.54 and a beta of 1.37. LogMein Inc. has a 52 week low of $35.00 and a 52 week high of $95.99. The stock’s 50 day moving average is $87.28 and its 200 day moving average is $68.20.
LogMein (NASDAQ:LOGM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.03. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The firm had revenue of $83.30 million for the quarter, compared to the consensus estimate of $81.80 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. The business’s revenue was up 28.4% compared to the same quarter last year. On average, analysts expect that LogMein Inc. will post $1.93 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on LOGM shares. TheStreet upgraded shares of LogMein from a “hold” rating to a “buy” rating in a research report on Wednesday, July 27th. Zacks Investment Research downgraded shares of LogMein from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Cowen and Company downgraded shares of LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a research report on Tuesday, July 5th. Barclays PLC upgraded shares of LogMein from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $82.00 to $105.00 in a research report on Monday. Finally, JPMorgan Chase & Co. upgraded shares of LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price target on the stock in a research report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $80.00.
In other LogMein news, Director Steven G. Chambers sold 4,540 shares of LogMein stock in a transaction on Friday, July 29th. The shares were sold at an average price of $84.42, for a total transaction of $383,266.80. Following the sale, the director now owns 1,850 shares in the company, valued at $156,177. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael J. Donahue sold 6,034 shares of LogMein stock in a transaction on Friday, July 29th. The stock was sold at an average price of $84.49, for a total transaction of $509,812.66. Following the sale, the senior vice president now owns 8,534 shares in the company, valued at approximately $721,037.66. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
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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