Prudential Financial Inc. Raises Stake in LogMein, Inc. (LOGM)
Prudential Financial Inc. boosted its position in shares of LogMein, Inc. (NASDAQ:LOGM) by 1.3% during the first quarter, Holdings Channel reports. The institutional investor owned 101,713 shares of the software maker’s stock after buying an additional 1,300 shares during the period. Prudential Financial Inc.’s holdings in LogMein were worth $9,918,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in LogMein by 58.5% in the first quarter. Bank of New York Mellon Corp now owns 1,044,570 shares of the software maker’s stock worth $101,845,000 after buying an additional 385,740 shares in the last quarter. First Trust Advisors LP boosted its position in LogMein by 57.3% in the first quarter. First Trust Advisors LP now owns 783,387 shares of the software maker’s stock worth $76,380,000 after buying an additional 285,325 shares in the last quarter. American Century Companies Inc. boosted its position in LogMein by 457.3% in the first quarter. American Century Companies Inc. now owns 546,542 shares of the software maker’s stock worth $53,288,000 after buying an additional 448,477 shares in the last quarter. State Street Corp boosted its position in LogMein by 5.7% in the fourth quarter. State Street Corp now owns 539,448 shares of the software maker’s stock worth $52,086,000 after buying an additional 29,157 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in LogMein by 35.7% in the first quarter. Ameriprise Financial Inc. now owns 284,748 shares of the software maker’s stock worth $27,763,000 after buying an additional 74,839 shares in the last quarter. 97.39% of the stock is currently owned by institutional investors and hedge funds.
Shares of LogMein, Inc. (LOGM) opened at 110.80 on Wednesday. The stock’s 50 day moving average is $112.78 and its 200-day moving average is $103.30. LogMein, Inc. has a 12-month low of $57.81 and a 12-month high of $123.95. The stock’s market capitalization is $5.83 billion.
LogMein (NASDAQ:LOGM) last issued its earnings results on Thursday, May 4th. The software maker reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.09. The business had revenue of $201.10 million for the quarter, compared to the consensus estimate of $195.74 million. LogMein had a negative net margin of 3.35% and a positive return on equity of 5.66%. The company’s revenue for the quarter was up 152.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 EPS. On average, analysts expect that LogMein, Inc. will post $3.87 earnings per share for the current year.
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LOGM has been the topic of a number of research analyst reports. Zacks Investment Research cut LogMein from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Vetr cut LogMein from a “hold” rating to a “sell” rating and set a $101.67 price objective on the stock. in a research note on Wednesday, April 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price objective on shares of LogMein in a research note on Friday, March 10th. Cowen and Company raised their price objective on LogMein from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, May 5th. Finally, TheStreet cut LogMein from a “b-” rating to a “c” rating in a research note on Monday, March 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $115.30.
In other LogMein news, SVP James Lok sold 640 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $116.05, for a total value of $74,272.00. Following the transaction, the senior vice president now directly owns 3,709 shares in the company, valued at approximately $430,429.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Lawrence M. D’angelo sold 4,412 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $109.99, for a total transaction of $485,275.88. Following the completion of the transaction, the senior vice president now owns 6,476 shares in the company, valued at $712,295.24. The disclosure for this sale can be found here. Insiders sold a total of 107,081 shares of company stock worth $12,073,839 over the last 90 days. Insiders own 2.50% of the company’s stock.
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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