LogMein Inc. (LOGM) Price Target Lowered to $98.00 at Needham & Company LLC
LogMein Inc. (NASDAQ:LOGM) had its price target cut by equities researchers at Needham & Company LLC from $114.00 to $98.00 in a report issued on Friday. The firm currently has a “strong-buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 9.36% from the stock’s current price.
A number of other equities analysts have also recently commented on the company. TheStreet raised LogMein from a “hold” rating to a “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 target price for the company. in a report on Tuesday, July 5th. Zacks Investment Research cut LogMein from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Barclays PLC increased their target price on LogMein from $49.00 to $57.00 and gave the company an “underweight” rating in a report on Friday, July 15th. Finally, 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 report on Wednesday, July 27th. Two equities 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 stock. LogMein currently has an average rating of “Buy” and an average target price of $84.22.
Shares of LogMein (NASDAQ:LOGM) traded up 0.07% during trading on Friday, hitting $89.61. The stock had a trading volume of 191,458 shares. The firm’s 50-day moving average is $89.73 and its 200 day moving average is $70.18. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 176.05 and a beta of 1.37. LogMein has a 52-week low of $35.00 and a 52-week high of $95.99.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The company earned $83.30 million during the quarter, compared to analysts’ expectations of $81.80 million. LogMein had a return on equity of 12.99% and a net margin of 4.29%. LogMein’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, analysts expect that LogMein will post $1.93 EPS for the current year.
In related news, Director Michael K. Simon sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $83.93, for a total value of $4,196,500.00. Following the completion of the transaction, the director now directly owns 819,824 shares in the company, valued at $68,807,828.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven G. Chambers sold 4,540 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $84.42, for a total value of $383,266.80. Following the completion of the transaction, 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 corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its position in 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. Amalgamated Bank purchased a new position in LogMein during the second quarter valued at approximately $245,000. Janney Montgomery Scott LLC purchased a new position in LogMein during the second quarter valued at approximately $208,000. PineBridge Investments L.P. raised its position in 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. Finally, Profund Advisors LLC purchased a new position in LogMein during the second quarter valued at approximately $211,000.
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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