LogMein Inc. (LOGM) Shares Up 3.4%
LogMein Inc. (NASDAQ:LOGM)’s share price shot up 3.4% during mid-day trading on Tuesday . The stock traded as high as $83.03 and last traded at $82.87, with a volume of 359,146 shares changing hands. The stock had previously closed at $80.17.
Several brokerages recently issued reports on LOGM. TheStreet raised shares of LogMein from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Piper Jaffray Cos. reaffirmed an “overweight” rating on shares of LogMein in a research note on Wednesday, July 27th. JPMorgan Chase & Co. raised shares of LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price target on the stock in a research note on Wednesday, July 27th. Barclays PLC increased their price target on shares of LogMein from $57.00 to $82.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 27th. Finally, Needham & Company LLC increased their price target on shares of LogMein from $81.00 to $98.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. LogMein currently has a consensus rating of “Buy” and a consensus price target of $77.90.
The firm’s 50 day moving average price is $75.01 and its 200-day moving average price is $60.19. The stock has a market capitalization of $2.06 billion and a price-to-earnings ratio of 160.31.
LogMein (NASDAQ:LOGM) last released its earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. The firm earned $83.30 million during the quarter, compared to analysts’ expectations of $81.80 million. The business’s revenue was up 28.4% on a year-over-year basis. During the same period last year, the business earned $0.35 earnings per share. On average, equities research analysts anticipate that LogMein Inc. will post $1.93 earnings per share for the current year.
The company also recently announced a special dividend, which will be paid on Friday, August 26th. Stockholders of record on Monday, August 8th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 4th.
In related news, Director Marilyn Matz sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $83.20, for a total transaction of $41,600.00. Following the completion of the sale, the director now directly owns 1,950 shares in the company, valued at $162,240. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael J. Donahue sold 6,034 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $721,037.66. The disclosure for this sale can be found here.
An institutional investor recently raised its position in LogMein stock. Principal Financial Group Inc. increased its stake in LogMein Inc. (NASDAQ:LOGM) by 5.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 170,872 shares of the company’s stock after buying an additional 8,402 shares during the period. Principal Financial Group Inc. owned 0.68% of LogMein worth $11,465,000 at the end of the most recent reporting period.
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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