LogMein Inc. (LOGM) Price Target Lowered to $98.00 at Needham & Company LLC
LogMein Inc. (NASDAQ:LOGM) had its target price cut by stock analysts at Needham & Company LLC from $114.00 to $98.00 in a note issued to investors on Friday. The brokerage presently has a “strong-buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 9.36% from the stock’s previous close.
A number of other research analysts have also recently commented on LOGM. 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. Barclays PLC raised their target price on LogMein from $49.00 to $57.00 and gave the stock an “underweight” rating in a research report on Friday, July 15th. JPMorgan Chase & Co. raised LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 target price for the company in a research report on Wednesday, July 27th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating on shares of LogMein in a research report on Wednesday, July 27th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. LogMein presently has an average rating of “Buy” and an average price target of $86.00.
LogMein (NASDAQ:LOGM) traded up 0.07% on Friday, reaching $89.61. The company’s stock had a trading volume of 191,458 shares. The firm’s 50-day moving average price is $89.73 and its 200-day moving average price is $70.18. LogMein has a 52-week low of $35.00 and a 52-week high of $95.99. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of 176.05 and a beta of 1.37.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.03. LogMein had a return on equity of 12.99% and a net margin of 4.29%. The company earned $83.30 million during the quarter, compared to analysts’ expectations of $81.80 million. During the same period in the prior year, the company earned $0.35 EPS. LogMein’s revenue was up 28.4% compared to the same quarter last year. On average, equities analysts expect that LogMein will post $1.93 earnings per share for the current year.
In other news, SVP Michael J. Donahue sold 6,034 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $84.49, for a total value of $509,812.66. Following the completion of the sale, the senior vice president now directly owns 8,534 shares in the company, valued at approximately $721,037.66. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven G. Chambers sold 4,540 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $84.42, for a total value of $383,266.80. Following the completion of the sale, the director now owns 1,850 shares of the company’s stock, valued at $156,177. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in shares of LogMein by 160.9% in the second quarter. Victory Capital Management Inc. now owns 2,069 shares of the company’s stock valued at $131,000 after buying an additional 1,276 shares in the last quarter. PineBridge Investments L.P. increased its stake in shares of LogMein by 3.4% in the second quarter. PineBridge Investments L.P. now owns 3,170 shares of the company’s stock valued at $201,000 after buying an additional 103 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of LogMein during the second quarter valued at approximately $208,000. Profund Advisors LLC purchased a new stake in shares of LogMein during the second quarter valued at approximately $211,000. Finally, Teacher Retirement System of Texas increased its stake in shares of LogMein by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,509 shares of the company’s stock valued at $223,000 after buying an additional 425 shares in the last quarter.
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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