Metropolitan Life Insurance Co. NY Reduces Stake in LogMeIn Inc (LOGM)
Metropolitan Life Insurance Co. NY reduced its stake in LogMeIn Inc (NASDAQ:LOGM) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,768 shares of the company’s stock after selling 48 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in LogMeIn were worth $1,716,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in LogMeIn by 96,200.0% in the third quarter. Victory Capital Management Inc. now owns 1,992,447 shares of the company’s stock worth $180,098,000 after buying an additional 1,990,378 shares in the last quarter. Chartwell Investment Partners LLC acquired a new stake in LogMeIn during the third quarter worth $29,610,000. Morgan Stanley increased its stake in LogMeIn by 4,631.4% in the third quarter. Morgan Stanley now owns 299,023 shares of the company’s stock worth $27,028,000 after buying an additional 292,703 shares in the last quarter. Hunt Lane Capital LP acquired a new stake in LogMeIn during the third quarter worth $12,655,000. Finally, UBS Asset Management Americas Inc. increased its stake in LogMeIn by 434.4% in the third quarter. UBS Asset Management Americas Inc. now owns 169,184 shares of the company’s stock worth $15,293,000 after buying an additional 137,524 shares in the last quarter.
Shares of LogMeIn Inc (NASDAQ:LOGM) opened at 97.40 on Tuesday. LogMeIn Inc has a 12 month low of $47.36 and a 12 month high of $110.10. The company’s 50-day moving average is $98.95 and its 200 day moving average is $96.97. The stock has a market capitalization of $5.12 billion, a P/E ratio of 974.00 and a beta of 1.24.
LogMeIn (NASDAQ:LOGM) last released its quarterly earnings data on Tuesday, February 28th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. The firm earned $88 million during the quarter, compared to the consensus estimate of $87.37 million. LogMeIn had a return on equity of 13.40% and a net margin of 2.16%. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. Equities research analysts predict that LogMeIn Inc will post $3.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 26th. Investors of record on Wednesday, May 10th will be issued a $0.25 dividend. The ex-dividend date is Monday, May 8th. This represents a $1.00 annualized dividend and a dividend yield of 1.03%.
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A number of analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 target price on shares of LogMeIn in a research report on Friday, March 10th. Zacks Investment Research raised shares of LogMeIn from a “hold” rating to a “strong-buy” rating and set a $112.00 price objective on the stock in a research report on Tuesday, March 7th. TheStreet raised shares of LogMeIn from a “c+” rating to a “b-” rating in a research report on Thursday, February 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 price objective (up from $70.00) on shares of LogMeIn in a research report on Sunday, February 5th. Finally, Barclays PLC increased their price objective on shares of LogMeIn from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, January 25th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $102.11.
In related news, Director Michael K. Simon sold 70,000 shares of LogMeIn stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $97.58, for a total value of $6,830,600.00. Following the completion of the sale, the director now directly owns 832,448 shares in the company, valued at $81,230,275.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven J. Benson acquired 400 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The stock was purchased at an average price of $98.39 per share, with a total value of $39,356.00. Following the completion of the acquisition, the director now directly owns 1,968 shares of the company’s stock, valued at $193,631.52. The disclosure for this purchase can be found here. Insiders sold 86,471 shares of company stock valued at $8,421,117 over the last 90 days. 1.20% of the stock is currently owned by corporate 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, GoToMeeting, GoToWebinar, GoToTraining, Openvoice, Grasshopper, GoToAssist, GoToAssist SeeIt, GoToMyPC and RemotelyAnywhere.
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