LogMein, Inc. (LOGM) Position Increased by Franklin Resources Inc.
Franklin Resources Inc. boosted its stake in LogMein, Inc. (NASDAQ:LOGM) by 29.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,780 shares of the software maker’s stock after acquiring an additional 22,675 shares during the period. Franklin Resources Inc. owned 0.19% of LogMein worth $10,427,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Elliott Management Corp acquired a new stake in LogMein in the first quarter valued at $118,804,000. Teachers Advisors LLC grew its position 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 acquiring an additional 113,746 shares during the last quarter. Weiss Multi Strategy Advisers LLC bought a new position in shares of LogMein during the first quarter worth about $1,951,000. Renaissance Group LLC grew its position 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 acquiring an additional 32 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position 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 acquiring an additional 972,980 shares during the last quarter. 95.41% of the stock is currently owned by hedge funds and other institutional investors.
LogMein, Inc. (NASDAQ:LOGM) opened at 111.15 on Friday. The company’s market capitalization is $5.86 billion. The firm’s 50 day moving average price is $113.56 and its 200-day moving average price is $108.94. LogMein, Inc. has a one year low of $86.22 and a one year high of $123.95.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings data on Thursday, July 27th. The software maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.08. LogMein had a positive return on equity of 5.42% and a negative net margin of 0.41%. The business had revenue of $266.95 million during the quarter, compared to the consensus estimate of $264.95 million. During the same period in the prior year, the company earned $0.49 EPS. LogMein’s revenue for the quarter was up 220.6% on a year-over-year basis. Equities analysts forecast that LogMein, Inc. will post $4.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders 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 yield of 0.90%. LogMein’s dividend payout ratio is presently -909.01%.
LOGM has been the subject of several recent research reports. Northland Securities restated a “buy” rating on shares of LogMein in a research report on Friday, July 28th. BidaskClub lowered shares of LogMein from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Zacks Investment Research raised shares of LogMein from a “hold” rating to a “buy” rating and set a $131.00 price target for the company in a report on Thursday, August 3rd. Cowen and Company reissued a “buy” rating and issued a $134.00 price target on shares of LogMein in a report on Friday, September 1st. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $140.00 price target on shares of LogMein in a report on Monday, September 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $131.85.
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In other news, insider Christopher Battles sold 721 shares of the stock in a transaction dated Tuesday, August 1st. The stock was 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 $239,800.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven J. Benson sold 3,016 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $111.60, for a total value 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 69,319 shares of company stock valued at $7,922,367 over the last quarter. Corporate insiders own 2.50% of the company’s stock.
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 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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