AO Asset Management LLC Boosts Stake in LogMein, Inc. (LOGM)
AO Asset Management LLC lifted its position in shares of LogMein, Inc. (NASDAQ:LOGM) by 2.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 294,800 shares of the software maker’s stock after purchasing an additional 6,200 shares during the period. LogMein accounts for approximately 7.5% of AO Asset Management LLC’s portfolio, making the stock its 3rd largest position. AO Asset Management LLC owned 0.56% of LogMein worth $30,807,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Elliott Management Corp purchased a new stake in shares of LogMein during the first quarter worth about $118,804,000. Teachers Advisors LLC boosted its holdings in shares of LogMein by 48.6% during the first quarter. Teachers Advisors LLC now owns 348,029 shares of the software maker’s stock worth $33,933,000 after purchasing an additional 113,746 shares during the period. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of LogMein during the first quarter worth about $1,951,000. Renaissance Group LLC boosted its holdings in shares of LogMein by 0.9% during the second quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock worth $360,000 after purchasing an additional 32 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of LogMein by 155.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,597,788 shares of the software maker’s stock worth $155,784,000 after purchasing an additional 972,980 shares during the period. Institutional investors own 95.41% of the company’s stock.
Shares of LogMein, Inc. (NASDAQ LOGM) traded up 0.50% during trading on Friday, hitting $111.15. 251,403 shares of the company’s stock were exchanged. LogMein, Inc. has a one year low of $86.22 and a one year high of $123.95. The stock’s market cap is $5.86 billion. The firm has a 50-day moving average price of $113.56 and a 200-day moving average price of $108.94.
LogMein (NASDAQ:LOGM) last released its quarterly earnings data on Thursday, July 27th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.08. The company had revenue of $266.95 million during the quarter, compared to analysts’ expectations of $264.95 million. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. The firm’s quarterly revenue was up 220.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.49 EPS. Equities research analysts expect that LogMein, Inc. will post $4.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Wednesday, August 9th were given a $0.25 dividend. The ex-dividend date was Monday, August 7th. This represents a $1.00 annualized dividend and a dividend yield of 0.90%. LogMein’s payout ratio is presently -909.01%.
Several analysts have commented on LOGM shares. BidaskClub lowered shares of LogMein from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Piper Jaffray Companies restated an “overweight” rating and issued a $150.00 price objective on shares of LogMein in a report on Friday, June 23rd. Northland Securities restated a “buy” rating on shares of LogMein in a report on Friday, July 28th. KeyCorp upgraded shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price objective for the company in a report on Friday, July 28th. Finally, Cowen and Company restated an “outperform” rating and issued a $134.00 price objective (up from $130.00) on shares of LogMein in a report on Sunday, July 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $131.85.
In other news, insider Christopher Battles sold 721 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $117.78, for a total value of $84,919.38. Following the completion of the sale, the insider now owns 2,036 shares of the company’s stock, valued at approximately $239,800.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven J. Benson sold 3,016 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $111.60, for a total transaction of $336,585.60. Following the completion of the sale, the director now directly owns 1,787 shares of the company’s stock, valued at approximately $199,429.20. The disclosure for this sale can be found here. Insiders sold a total of 69,319 shares of company stock valued at $7,922,367 in the last ninety days. Corporate insiders own 2.50% 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 core cloud-based services are categorized into four business lines: Communications and Collaboration; Engagement and Support; Identity and Access, and Additional Service Offerings.
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