LogMein, Inc. (LOGM) Receives Average Recommendation of “Buy” from Brokerages
Shares of LogMein, Inc. (NASDAQ:LOGM) have been assigned an average rating of “Buy” from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $127.74.
A number of brokerages have recently commented on LOGM. BidaskClub lowered shares of LogMein from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Zacks Investment Research raised shares of LogMein from a “hold” rating to a “buy” rating and set a $131.00 price objective on the stock in a research report on Thursday, August 3rd. Cowen and Company reissued an “outperform” rating and issued a $134.00 price objective (up previously from $130.00) on shares of LogMein in a research report on Sunday, July 30th. Piper Jaffray Companies reissued an “overweight” rating and issued a $170.00 price objective on shares of LogMein in a research report on Wednesday, August 9th. Finally, Northland Securities reissued a “buy” rating on shares of LogMein in a research report on Friday, July 28th.
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In related news, CFO Edward K. Herdiech sold 8,824 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $111.16, for a total value of $980,875.84. Following the transaction, the chief financial officer now directly owns 4,891 shares in the company, valued at $543,683.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James Lok sold 960 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $111.00, for a total transaction of $106,560.00. Following the completion of the transaction, the senior vice president now owns 2,109 shares in the company, valued at $234,099. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,860 shares of company stock worth $13,258,245. Corporate insiders own 2.50% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Elliott Management Corp purchased a new stake in shares of LogMein during the first quarter worth about $118,804,000. Cim LLC increased its stake in shares of LogMein by 26.1% in the first quarter. Cim LLC now owns 5,339 shares of the software maker’s stock worth $520,000 after buying an additional 1,104 shares during the last quarter. Teachers Advisors LLC increased 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 last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of LogMein during the first quarter worth about $1,951,000. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of LogMein by 155.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,597,788 shares of the software maker’s stock worth $155,784,000 after buying an additional 972,980 shares during the last quarter. Hedge funds and other institutional investors own 97.39% of the company’s stock.
LogMein (LOGM) traded down 1.44% during midday trading on Tuesday, reaching $116.15. 389,013 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $111.56 and its 200 day moving average is $106.51. The stock’s market cap is $6.12 billion. LogMein has a 1-year low of $79.63 and a 1-year high of $123.95.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.08. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. The firm 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 firm posted $0.49 earnings per share. The business’s revenue was up 220.6% on a year-over-year basis. Equities analysts anticipate that LogMein will post $4.06 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Wednesday, August 9th will be issued a $0.25 dividend. The ex-dividend date is Monday, August 7th. This represents a $1.00 annualized dividend and a dividend yield of 0.86%. LogMein’s dividend payout ratio is currently -909.01%.
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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