LogMeIn (LOGM) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of LogMeIn (NASDAQ:LOGM) from a sell rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. They currently have $92.00 target price on the software maker’s stock.
According to Zacks, “LogMeIn delivered strong first-quarter 2019 results with better-than-expected earnings and revenues. The company benefited from a sturdy product portfolio comprising Jive, Bold360 ai and LastPass. Good renewal performance in the company’s remote access space, which consists of Pro, Central and GoToMyPC, is also encouraging. Digital evolution and the company’s adoption of artificial intelligence-based solutions to enhance customer relations are a tailwind. Investments in the GoTo brand as well as in boosting sales capacity will drive the company’s future performance. The newly launched GoToConnect and GoToRoom products also make the management optimistic. However, exorbitant expenses on sales and marketing weigh on the company’s bottom line. Intensifying competition from Adobe Connect, Google and Microsoft Skype put a dampener on the company. Its shares have lagged the industry year to date.”
A number of other research firms also recently issued reports on LOGM. Oppenheimer downgraded shares of LogMeIn from an outperform rating to a market perform rating and set a $105.00 target price for the company. in a report on Friday, February 15th. Northland Securities restated a buy rating and issued a $125.00 target price on shares of LogMeIn in a report on Friday, April 26th. TheStreet downgraded shares of LogMeIn from a b rating to a c rating in a report on Friday, April 26th. ValuEngine downgraded shares of LogMeIn from a hold rating to a sell rating in a report on Friday, February 15th. Finally, Needham & Company LLC downgraded shares of LogMeIn from a buy rating to a hold rating in a report on Friday, February 15th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. LogMeIn presently has a consensus rating of Hold and an average price target of $95.50.
LogMeIn (NASDAQ:LOGM) last released its earnings results on Thursday, April 25th. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.27. LogMeIn had a net margin of 2.89% and a return on equity of 7.68%. The firm had revenue of $307.70 million during the quarter, compared to the consensus estimate of $305.57 million. During the same period in the previous year, the firm earned $1.21 earnings per share. LogMeIn’s revenue was up 10.2% compared to the same quarter last year. Sell-side analysts predict that LogMeIn will post 3.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Wednesday, May 8th will be given a dividend of $0.325 per share. The ex-dividend date is Tuesday, May 7th. This represents a $1.30 dividend on an annualized basis and a yield of 1.58%. LogMeIn’s dividend payout ratio (DPR) is 28.57%.
In other LogMeIn news, Director Michael K. Simon sold 22,500 shares of LogMeIn stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $81.22, for a total transaction of $1,827,450.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Hsbc Holdings PLC lifted its position in shares of LogMeIn by 209.5% during the fourth quarter. Hsbc Holdings PLC now owns 11,243 shares of the software maker’s stock worth $911,000 after purchasing an additional 7,610 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of LogMeIn by 2.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 397,635 shares of the software maker’s stock worth $32,435,000 after purchasing an additional 9,800 shares in the last quarter. Diversified Trust Co lifted its position in shares of LogMeIn by 4.2% during the fourth quarter. Diversified Trust Co now owns 4,721 shares of the software maker’s stock worth $385,000 after purchasing an additional 189 shares in the last quarter. American Capital Management Inc. lifted its position in shares of LogMeIn by 38.2% during the fourth quarter. American Capital Management Inc. now owns 416,968 shares of the software maker’s stock worth $34,012,000 after purchasing an additional 115,153 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in shares of LogMeIn by 270.9% during the third quarter. Jane Street Group LLC now owns 8,832 shares of the software maker’s stock worth $787,000 after purchasing an additional 6,451 shares in the last quarter. 97.95% of the stock is currently owned by institutional investors and hedge funds.
LogMeIn Company Profile
LogMeIn, Inc provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. It enables people to connect with each other worldwide to drive meaningful interactions, deepen relationships, and create better outcomes for individuals and businesses.
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