Light Street Capital Management LLC Has $10.63 Million Position in LogMein, Inc. (LOGM)
Light Street Capital Management LLC cut its holdings in LogMein, Inc. (NASDAQ:LOGM) by 83.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,673 shares of the software maker’s stock after selling 503,327 shares during the quarter. LogMein accounts for 0.7% of Light Street Capital Management LLC’s portfolio, making the stock its 19th biggest holding. Light Street Capital Management LLC owned 0.19% of LogMein worth $10,625,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Creative Planning raised its position in LogMein by 0.3% in the second quarter. Creative Planning now owns 1,147 shares of the software maker’s stock worth $120,000 after acquiring an additional 3 shares in the last quarter. Renaissance Group LLC lifted its holdings in LogMein by 0.9% in the second quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock valued at $360,000 after acquiring an additional 32 shares during the period. M&T Bank Corp lifted its holdings in LogMein by 1.8% in the second quarter. M&T Bank Corp now owns 2,104 shares of the software maker’s stock valued at $219,000 after acquiring an additional 37 shares during the period. D.A. Davidson & CO. lifted its holdings in LogMein by 1.5% in the second quarter. D.A. Davidson & CO. now owns 4,127 shares of the software maker’s stock valued at $431,000 after acquiring an additional 61 shares during the period. Finally, Advisor Group Inc. lifted its holdings in LogMein by 4.0% in the second quarter. Advisor Group Inc. now owns 3,236 shares of the software maker’s stock valued at $335,000 after acquiring an additional 123 shares during the period. 95.41% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LogMein, Inc. (NASDAQ:LOGM) traded down 0.45% during midday trading on Monday, reaching $109.55. 219,478 shares of the company were exchanged. LogMein, Inc. has a 52-week low of $86.22 and a 52-week high of $123.95. The firm’s 50 day moving average is $113.56 and its 200-day moving average is $108.94. The company’s market capitalization is $5.78 billion.
LogMein (NASDAQ:LOGM) last posted its quarterly earnings data on Thursday, July 27th. The software maker reported $1.01 EPS for the quarter, topping the Zacks’ 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 company had revenue of $266.95 million for the quarter, compared to the consensus estimate of $264.95 million. During the same quarter in the previous year, the business earned $0.49 EPS. The company’s quarterly revenue was up 220.6% compared to the same quarter last year. On average, equities analysts forecast that LogMein, Inc. will post $4.05 earnings per share for the current fiscal year.
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In other LogMein news, Director Steven J. Benson sold 3,016 shares of the business’s 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 sale, the director now directly owns 1,787 shares in the company, valued at $199,429.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christopher Battles sold 721 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $117.78, for a total transaction of $84,919.38. Following the completion of the sale, the insider now owns 2,036 shares in the company, valued at $239,800.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,319 shares of company stock valued at $7,922,367. Insiders own 2.50% of the company’s stock.
LOGM has been the topic of several research analyst reports. Zacks Investment Research lowered shares of LogMein from a “buy” rating to a “hold” rating in a research report on Thursday. Northland Securities reiterated a “buy” rating on shares of LogMein in a report on Friday, July 28th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $170.00 price target on shares of LogMein in a report on Wednesday, August 9th. Cowen and Company reiterated an “outperform” rating and issued a $134.00 price objective (up previously from $130.00) on shares of LogMein in a research note on Sunday, July 30th. Finally, KeyCorp upgraded shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price objective for the company in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $131.85.
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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