Victory Capital Management Inc. Acquires 1,276 Shares of LogMein Inc. (LOGM)
Victory Capital Management Inc. raised its position in LogMein Inc. (NASDAQ:LOGM) by 160.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,069 shares of the company’s stock after buying an additional 1,276 shares during the period. Victory Capital Management Inc.’s holdings in LogMein were worth $131,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the company. Champlain Investment Partners LLC boosted its position in shares of LogMein by 0.3% in the first quarter. Champlain Investment Partners LLC now owns 1,280,440 shares of the company’s stock worth $64,611,000 after buying an additional 3,685 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of LogMein by 7.1% in the second quarter. Bank of New York Mellon Corp now owns 942,144 shares of the company’s stock worth $59,761,000 after buying an additional 62,193 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of 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 in the last quarter. Mesirow Financial Investment Management Equity Management acquired a new position in shares of LogMein during the second quarter worth about $17,290,000. Finally, Bank of Montreal Can acquired a new position in shares of LogMein during the second quarter worth about $15,298,000.
LogMein Inc. (NASDAQ:LOGM) traded down 0.27% on Thursday, hitting $93.17. 35,043 shares of the company were exchanged. LogMein Inc. has a one year low of $35.00 and a one year high of $95.99. The stock has a 50 day moving average price of $87.61 and a 200 day moving average price of $68.38. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 183.05 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 for the quarter, beating the Thomson Reuters’ 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 business had revenue of $83.30 million for the quarter, compared to analyst estimates of $81.80 million. During the same period in the prior year, the business posted $0.35 earnings per share. LogMein’s revenue was up 28.4% compared to the same quarter last year. On average, equities research analysts forecast that LogMein Inc. will post $1.93 EPS for the current fiscal year.
A number of equities analysts have issued reports on LOGM shares. TheStreet raised shares of LogMein from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Barclays PLC raised shares of LogMein from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $82.00 to $105.00 in a report on Monday. Needham & Company LLC raised their target price on shares of LogMein from $81.00 to $98.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 27th. Cowen and Company cut LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a report on Tuesday, July 5th. Finally, Zacks Investment Research cut LogMein from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $84.22.
In other LogMein news, Director Michael K. Simon sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $83.93, for a total value of $4,196,500.00. Following the completion of the sale, the director now owns 819,824 shares of the company’s stock, valued at $68,807,828.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven G. Chambers sold 4,540 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 1,850 shares of the company’s stock, valued at approximately $156,177. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
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.
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