Pinebridge Investments L.P. Buys New Position in LogMein, Inc. (LOGM)
Pinebridge Investments L.P. bought a new stake in shares of LogMein, Inc. (NASDAQ:LOGM) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 24,664 shares of the software maker’s stock, valued at approximately $2,714,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Planning boosted its stake in shares of LogMein by 0.3% during the 2nd quarter. Creative Planning now owns 1,147 shares of the software maker’s stock valued at $120,000 after purchasing an additional 3 shares in the last quarter. Reliance Trust Co. of Delaware bought a new stake in shares of LogMein during the 3rd quarter valued at about $201,000. Stephens Inc. AR bought a new stake in shares of LogMein during the 3rd quarter valued at about $202,000. Dorsey & Whitney Trust CO LLC bought a new stake in shares of LogMein during the 2nd quarter valued at about $208,000. Finally, Trexquant Investment LP bought a new stake in shares of LogMein during the 2nd quarter valued at about $209,000. 99.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LogMein, Inc. (NASDAQ:LOGM) opened at $113.90 on Wednesday. LogMein, Inc. has a 52 week low of $90.35 and a 52 week high of $129.51. The company has a market cap of $6,142.82, a PE ratio of 43.54, a P/E/G ratio of 2.03 and a beta of 1.28.
LogMein (NASDAQ:LOGM) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $1.16 EPS for the quarter, topping the consensus estimate of $1.11 by $0.05. LogMein had a net margin of 1.01% and a return on equity of 5.50%. The business had revenue of $269.30 million for the quarter, compared to analyst estimates of $270.56 million. During the same quarter in the previous year, the firm posted $0.56 earnings per share. LogMein’s quarterly revenue was up 216.5% on a year-over-year basis. equities analysts anticipate that LogMein, Inc. will post 3.28 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Investors of record on Wednesday, November 8th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Tuesday, November 7th. LogMein’s payout ratio is currently 909.17%.
LOGM has been the topic of a number of research reports. Cowen reaffirmed a “buy” rating and set a $134.00 target price on shares of LogMein in a research note on Friday, September 1st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $140.00 target price on shares of LogMein in a research note on Monday, September 4th. Robert W. Baird reaffirmed a “hold” rating and set a $130.00 target price on shares of LogMein in a research note on Friday, September 1st. Piper Jaffray Companies reaffirmed a “buy” rating and set a $170.00 target price on shares of LogMein in a research note on Tuesday, October 24th. Finally, Barclays lifted their target price on shares of LogMein from $132.00 to $142.00 and gave the company an “overweight” rating in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating and ten have issued a buy rating to the company’s stock. LogMein has an average rating of “Buy” and an average target price of $135.96.
In related news, Director Steven J. Benson sold 3,016 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $111.60, for a total transaction of $336,585.60. Following the sale, the director now owns 1,787 shares of the company’s stock, valued at $199,429.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael K. Simon sold 20,000 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $111.93, for a total transaction of $2,238,600.00. Following the sale, the director now directly owns 765,579 shares in the company, valued at approximately $85,691,257.47. The disclosure for this sale can be found here. Insiders have sold 24,152 shares of company stock worth $2,710,858 in the last three months. 2.50% of the stock is currently owned by insiders.
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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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