LogMein, Inc. (LOGM) Holdings Reduced by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky trimmed its position in shares of LogMein, Inc. (NASDAQ:LOGM) by 7.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,243 shares of the software maker’s stock after selling 1,817 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in LogMein were worth $2,324,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of LogMein by 97,044.4% during the 1st quarter. BlackRock Inc. now owns 5,531,400 shares of the software maker’s stock worth $539,312,000 after acquiring an additional 5,525,706 shares during the last quarter. Vanguard Group Inc. boosted its holdings in LogMein by 112.7% during the 1st quarter. Vanguard Group Inc. now owns 4,446,416 shares of the software maker’s stock valued at $433,525,000 after acquiring an additional 2,356,291 shares during the period. FMR LLC boosted its holdings in LogMein by 129.0% during the 1st quarter. FMR LLC now owns 2,903,102 shares of the software maker’s stock valued at $283,052,000 after acquiring an additional 1,635,216 shares during the period. Clearbridge Investments LLC purchased a new position in LogMein during the 1st quarter valued at $141,745,000. Finally, Elliott Management Corp purchased a new position in LogMein during the 1st quarter valued at $118,804,000. Institutional investors and hedge funds own 95.41% of the company’s stock.
In related news, insider Christopher Battles sold 721 shares of the 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 transaction, the insider now owns 2,036 shares of the company’s stock, valued at approximately $239,800.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Steven J. Benson sold 3,016 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $111.60, for a total value of $336,585.60. Following the transaction, the director now directly owns 1,787 shares in the company, valued at approximately $199,429.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,319 shares of company stock valued at $7,922,367. Company insiders own 2.50% of the company’s stock.
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LogMein, Inc. (LOGM) opened at 110.95 on Tuesday. The stock’s market cap is $5.85 billion. LogMein, Inc. has a 52 week low of $86.22 and a 52 week high of $123.95. The stock’s 50 day moving average price is $112.23 and its 200 day moving average price is $109.64.
LogMein (NASDAQ:LOGM) last announced its earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $264.95 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. The firm’s quarterly revenue was up 220.6% compared to the same quarter last year. On average, analysts forecast that LogMein, Inc. will post $4.05 earnings per share for the current year.
A number of analysts have weighed in on LOGM shares. BidaskClub lowered LogMein from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Cowen and Company reissued a “buy” rating and set a $134.00 target price on shares of LogMein in a research note on Friday, September 1st. Piper Jaffray Companies reissued an “overweight” rating and set a $150.00 target price on shares of LogMein in a research note on Friday, June 23rd. Robert W. Baird restated a “hold” rating and issued a $130.00 price target on shares of LogMein in a report on Friday, September 1st. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $140.00 price target on shares of LogMein in a report on Monday, September 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus 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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