LogMein, Inc. (LOGM) Expected to Announce Quarterly Sales of $272.06 Million
Brokerages expect LogMein, Inc. (NASDAQ:LOGM) to announce sales of $272.06 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for LogMein’s earnings, with the lowest sales estimate coming in at $271.81 million and the highest estimate coming in at $272.29 million. LogMein reported sales of $85.10 million in the same quarter last year, which indicates a positive year-over-year growth rate of 219.7%. The company is expected to issue its next quarterly earnings results on Thursday, October 26th.
According to Zacks, analysts expect that LogMein will report full-year sales of $272.06 million for the current financial year, with estimates ranging from $1.01 billion to $1.02 billion. For the next financial year, analysts anticipate that the company will post sales of $1.17 billion per share, with estimates ranging from $1.15 billion to $1.19 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that that provide coverage for LogMein.
LogMein (NASDAQ:LOGM) last released its earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share (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 business had revenue of $266.95 million during the quarter, compared to the consensus estimate of $264.95 million. During the same period last year, the business posted $0.49 earnings per share. The business’s revenue for the quarter was up 220.6% on a year-over-year basis.
Several research firms have recently weighed in on LOGM. Zacks Investment Research cut shares of LogMein from a “buy” rating to a “hold” rating in a report on Thursday. Northland Securities restated a “buy” rating on shares of LogMein in a report on Friday, July 28th. Piper Jaffray Companies restated an “overweight” rating and issued a $170.00 target price on shares of LogMein in a report on Wednesday, August 9th. Cowen and Company reaffirmed an “outperform” rating and issued a $134.00 target price (up previously from $130.00) on shares of LogMein in a research report on Sunday, July 30th. Finally, KeyCorp raised shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 target price for the company in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. LogMein has a consensus rating of “Buy” and an average target price of $131.85.
Shares of LogMein (LOGM) traded up 0.82% during mid-day trading on Friday, hitting $110.95. The company’s stock had a trading volume of 503,237 shares. The stock’s 50 day moving average price is $113.56 and its 200 day moving average price is $108.94. LogMein has a 52-week low of $86.22 and a 52-week high of $123.95. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 462.29 and a beta of 1.25.
In related news, insider Christopher Battles sold 721 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $117.78, for a total value of $84,919.38. Following the transaction, the insider now directly owns 2,036 shares of the company’s stock, valued at approximately $239,800.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Edward K. Herdiech sold 6,354 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $117.66, for a total value of $747,611.64. Following the completion of the transaction, the chief financial officer now directly owns 13,695 shares in the company, valued at $1,611,353.70. The disclosure for this sale can be found here. Insiders have sold a total of 69,319 shares of company stock worth $7,922,367 in the last quarter. Corporate insiders own 2.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Elliott Management Corp purchased a new stake in LogMein in the first quarter worth about $118,804,000. Teachers Advisors LLC raised its stake in shares of LogMein by 48.6% in the first quarter. Teachers Advisors LLC now owns 348,029 shares of the software maker’s stock worth $33,933,000 after buying an additional 113,746 shares during the period. Weiss Multi Strategy Advisers LLC bought a new position in shares of LogMein in the first quarter worth about $1,951,000. Renaissance Group LLC raised its stake in shares of LogMein by 0.9% in the second quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock worth $360,000 after buying an additional 32 shares during the period. Finally, Neuberger Berman Group LLC raised its stake in shares of LogMein by 110.0% in the second quarter. Neuberger Berman Group LLC now owns 210,764 shares of the software maker’s stock worth $22,025,000 after buying an additional 110,384 shares during the period. 95.41% of the stock is owned by institutional investors and hedge funds.
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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