Eagle Asset Management Inc. cut its position in shares of LogMeIn Inc (NASDAQ:LOGM) by 12.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 324,608 shares of the software maker’s stock after selling 47,031 shares during the period. Eagle Asset Management Inc. owned approximately 0.62% of LogMeIn worth $37,167,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in LOGM. Wells Fargo & Company MN boosted its stake in shares of LogMeIn by 75.6% during the 3rd quarter. Wells Fargo & Company MN now owns 1,521,683 shares of the software maker’s stock worth $167,461,000 after purchasing an additional 655,296 shares during the period. Bessemer Group Inc. boosted its stake in shares of LogMeIn by 346,435.8% during the 4th quarter. Bessemer Group Inc. now owns 571,784 shares of the software maker’s stock worth $65,470,000 after purchasing an additional 571,619 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of LogMeIn by 341.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 330,181 shares of the software maker’s stock worth $35,429,000 after purchasing an additional 255,338 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of LogMeIn by 83.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 431,351 shares of the software maker’s stock worth $47,467,000 after purchasing an additional 195,717 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of LogMeIn by 14.4% during the 3rd quarter. American Century Companies Inc. now owns 1,164,447 shares of the software maker’s stock worth $128,147,000 after purchasing an additional 146,549 shares during the period. 99.23% of the stock is owned by hedge funds and other institutional investors.
Shares of LogMeIn Inc (NASDAQ LOGM) opened at $127.75 on Tuesday. The stock has a market cap of $6,700.00, a PE ratio of 709.72, a price-to-earnings-growth ratio of 1.80 and a beta of 1.41. LogMeIn Inc has a 52-week low of $92.72 and a 52-week high of $134.80.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Monday, February 12th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, February 9th. This represents a $1.20 annualized dividend and a dividend yield of 0.94%. This is a positive change from LogMeIn’s previous quarterly dividend of $0.25. LogMeIn’s payout ratio is currently 666.67%.
LOGM has been the subject of a number of recent analyst reports. Needham & Company LLC dropped their price target on shares of LogMeIn from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, December 20th. Oppenheimer reaffirmed a “hold” rating on shares of LogMeIn in a research note on Wednesday, December 20th. Zacks Investment Research cut shares of LogMeIn from a “buy” rating to a “hold” rating in a research report on Thursday, December 28th. Finally, BidaskClub cut shares of LogMeIn from a “buy” rating to a “hold” rating in a research report on Friday, January 19th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. LogMeIn currently has a consensus rating of “Buy” and an average price target of $137.63.
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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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