Quantitative Systematic Strategies LLC purchased a new stake in shares of LogMein, Inc. (NASDAQ:LOGM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,329 shares of the software maker’s stock, valued at approximately $455,000.
A number of other hedge funds have also recently added to or reduced their stakes in LOGM. BlackRock Inc. boosted its position in shares of LogMein by 97,044.4% in the first quarter. BlackRock Inc. now owns 5,531,400 shares of the software maker’s stock valued at $539,312,000 after buying an additional 5,525,706 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of LogMein by 112.7% in the first quarter. Vanguard Group Inc. now owns 4,446,416 shares of the software maker’s stock valued at $433,525,000 after buying an additional 2,356,291 shares in the last quarter. FMR LLC boosted its position in shares of LogMein by 129.0% in the first quarter. FMR LLC now owns 2,903,102 shares of the software maker’s stock valued at $283,052,000 after buying an additional 1,635,216 shares in the last quarter. State Street Corp boosted its position in shares of LogMein by 209.9% in the first quarter. State Street Corp now owns 1,671,627 shares of the software maker’s stock valued at $162,988,000 after buying an additional 1,132,179 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of LogMein by 155.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,597,788 shares of the software maker’s stock valued at $155,784,000 after buying an additional 972,980 shares in the last quarter. Institutional investors and hedge funds own 96.48% of the company’s stock.
Shares of LogMein, Inc. (NASDAQ LOGM) traded up 4.22% during midday trading on Friday, reaching $116.20. The company had a trading volume of 1,783,903 shares. The company has a 50 day moving average of $109.66 and a 200 day moving average of $105.50. LogMein, Inc. has a one year low of $64.74 and a one year high of $123.95. The company’s market capitalization is $6.13 billion.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.08. LogMein had a positive return on equity of 7.67% and a negative net margin of 0.41%. The business had revenue of $266.95 million for the quarter, compared to the consensus estimate of $264.95 million. During the same quarter last year, the business posted $0.49 earnings per share. The company’s revenue for the quarter was up 220.6% on a year-over-year basis. Analysts predict that LogMein, Inc. will post $3.87 EPS for the current fiscal year.
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LOGM has been the subject of several analyst reports. Cowen and Company raised LogMein from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $100.00 to $115.00 in a report on Friday, April 7th. Zacks Investment Research cut LogMein from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 3rd. BidaskClub raised LogMein from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Vetr cut LogMein from a “hold” rating to a “sell” rating and set a $101.67 price target for the company. in a report on Wednesday, April 26th. Finally, TheStreet raised LogMein from a “c” rating to a “b-” rating in a report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $121.46.
In other news, SVP James Lok sold 4,562 shares of LogMein stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $113.89, for a total value of $519,566.18. Following the transaction, the senior vice president now owns 2,376 shares in the company, valued at $270,602.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William Raymond Wagner sold 8,750 shares of LogMein stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $113.94, for a total value of $996,975.00. Following the completion of the transaction, the chief executive officer now owns 53,953 shares in the company, valued at approximately $6,147,404.82. The disclosure for this sale can be found here. Insiders have sold 107,081 shares of company stock worth $12,073,839 in the last 90 days. Company 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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