Janney Montgomery Scott LLC Buys Shares of 3,100 LogMein Inc. (LOGM)
Janney Montgomery Scott LLC bought a new stake in shares of LogMein Inc. (NASDAQ:LOGM) during the second quarter, according to its most recent 13F filing with the SEC. The firm bought 3,100 shares of the company’s stock, valued at approximately $208,000.
Other hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in shares of LogMein by 43.0% in the first quarter. Renaissance Technologies LLC now owns 901,000 shares of the company’s stock valued at $45,464,000 after buying an additional 270,800 shares during the period. Bank of Montreal Can purchased a new stake in shares of LogMein during the second quarter valued at $15,298,000. Norges Bank purchased a new stake in shares of LogMein during the fourth quarter valued at $13,715,000. Hood River Capital Management LLC purchased a new stake in shares of LogMein during the second quarter valued at $7,860,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of LogMein by 7.1% in the second quarter. Bank of New York Mellon Corp now owns 942,144 shares of the company’s stock valued at $59,761,000 after buying an additional 62,193 shares during the period.
Shares of LogMein Inc. (NASDAQ:LOGM) traded down 0.69% during trading on Tuesday, hitting $89.85. 259,206 shares of the stock were exchanged. The firm has a 50 day moving average of $85.03 and a 200-day moving average of $65.05. LogMein Inc. has a 12-month low of $35.00 and a 12-month high of $94.42. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 176.52 and a beta of 1.20.
LogMein (NASDAQ:LOGM) last issued its earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.03. LogMein had a return on equity of 12.99% and a net margin of 4.29%. The business earned $83.30 million during the quarter, compared to analysts’ expectations of $81.80 million. During the same quarter in the previous year, the business earned $0.35 EPS. The company’s revenue for the quarter was up 28.4% on a year-over-year basis. On average, analysts forecast that LogMein Inc. will post $1.93 earnings per share for the current year.
The company also recently announced a special dividend, which was paid on Friday, August 26th. Stockholders of record on Monday, August 8th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, August 4th.
LOGM has been the topic of several analyst reports. TheStreet raised shares of LogMein from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Cowen and Company cut shares of LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a report on Tuesday, July 5th. Zacks Investment Research cut shares of LogMein from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Barclays PLC raised their price objective on shares of LogMein from $49.00 to $57.00 and gave the stock an “underweight” rating in a report on Friday, July 15th. Finally, JPMorgan Chase & Co. raised shares of LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price objective on the stock in a report on Wednesday, July 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. LogMein currently has an average rating of “Buy” and a consensus price target of $77.44.
In other LogMein news, SVP Michael J. Donahue sold 4,137 shares of the company’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $80.13, for a total value of $331,497.81. Following the completion of the transaction, the senior vice president now owns 8,137 shares in the company, valued at approximately $652,017.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael J. Donahue sold 6,034 shares of the company’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 value of $509,812.66. Following the completion of the transaction, the senior vice president now owns 8,534 shares of the company’s stock, valued at approximately $721,037.66. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.
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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