Nicholas Investment Partners LP Buys New Stake in LogMein, Inc. (LOGM)
Nicholas Investment Partners LP bought a new position in shares of LogMein, Inc. (NASDAQ:LOGM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 32,169 shares of the software maker’s stock, valued at approximately $3,361,000. Nicholas Investment Partners LP owned approximately 0.06% of LogMein at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of LOGM. Janney Montgomery Scott LLC acquired a new position in shares of LogMein during the first quarter worth $306,000. State Board of Administration of Florida Retirement System lifted its position in shares of LogMein by 94.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 28,953 shares of the software maker’s stock worth $2,823,000 after purchasing an additional 14,074 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in shares of LogMein by 73.9% during the first quarter. Public Employees Retirement Association of Colorado now owns 9,751 shares of the software maker’s stock worth $951,000 after purchasing an additional 4,145 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of LogMein during the first quarter worth $563,000. Finally, US Bancorp DE lifted its position in shares of LogMein by 80.4% during the first quarter. US Bancorp DE now owns 6,240 shares of the software maker’s stock worth $608,000 after purchasing an additional 2,781 shares in the last quarter. 95.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of LogMein, Inc. (NASDAQ LOGM) traded down 0.44% during mid-day trading on Wednesday, hitting $112.05. 19,660 shares of the company were exchanged. The stock’s 50-day moving average price is $113.56 and its 200 day moving average price is $108.94. The stock’s market cap is $5.91 billion. LogMein, Inc. has a 12-month low of $86.22 and a 12-month high of $123.95.
LogMein (NASDAQ:LOGM) last posted its quarterly earnings data on Thursday, July 27th. The software maker reported $1.01 earnings per share for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $264.95 million. During the same period in the prior year, the business earned $0.49 earnings per share. LogMein’s revenue for the quarter was up 220.6% compared to the same quarter last year. On average, equities analysts anticipate that LogMein, Inc. will post $4.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Wednesday, August 9th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 7th. This represents a $1.00 annualized dividend and a dividend yield of 0.89%. LogMein’s dividend payout ratio is -909.01%.
In related news, insider Christopher Battles sold 721 shares of the company’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 completion of the transaction, the insider now directly owns 2,036 shares in the company, valued at $239,800.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael K. Simon sold 20,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $116.33, for a total value of $2,326,600.00. Following the completion of the transaction, the director now owns 790,977 shares of the company’s stock, valued at $92,014,354.41. The disclosure for this sale can be found here. Insiders sold 69,319 shares of company stock valued at $7,922,367 over the last three months. 2.50% of the stock is owned by company insiders.
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A number of research analysts have recently commented on LOGM shares. BidaskClub cut shares of LogMein from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Piper Jaffray Companies reissued an “overweight” rating and set a $150.00 target price on shares of LogMein in a research report on Friday, June 23rd. Northland Securities reissued a “buy” rating on shares of LogMein in a research report on Friday, July 28th. KeyCorp raised shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 target price on the stock in a research report on Friday, July 28th. Finally, Cowen and Company reissued an “outperform” rating and set a $134.00 target price (up from $130.00) on shares of LogMein in a research report on Sunday, July 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $131.85.
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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