Seven Eight Capital LP Has $4.41 Million Holdings in LogMeIn Inc (LOGM)
Seven Eight Capital LP boosted its stake in LogMeIn Inc (NASDAQ:LOGM) by 107.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,507 shares of the software maker’s stock after purchasing an additional 25,600 shares during the period. Seven Eight Capital LP owned about 0.10% of LogMeIn worth $4,411,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in LOGM. Dimensional Fund Advisors LP increased its stake in LogMeIn by 9.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 433,166 shares of the software maker’s stock worth $50,052,000 after purchasing an additional 37,272 shares during the period. Stifel Financial Corp grew its position in shares of LogMeIn by 4.9% in the 1st quarter. Stifel Financial Corp now owns 11,167 shares of the software maker’s stock worth $1,251,000 after buying an additional 522 shares during the last quarter. UBS Group AG grew its position in shares of LogMeIn by 34.4% in the 1st quarter. UBS Group AG now owns 35,039 shares of the software maker’s stock worth $4,048,000 after buying an additional 8,973 shares during the last quarter. A.R.T. Advisors LLC bought a new stake in shares of LogMeIn in the 1st quarter worth approximately $378,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of LogMeIn by 30.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 151,560 shares of the software maker’s stock worth $17,513,000 after buying an additional 35,543 shares during the last quarter. 98.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of LOGM stock opened at $81.03 on Friday. The company has a market capitalization of $4.25 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 1.12 and a beta of 1.09. LogMeIn Inc has a fifty-two week low of $77.05 and a fifty-two week high of $134.80. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.64 and a current ratio of 0.64.
In related news, Director Michael K. Simon sold 20,000 shares of LogMeIn stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $80.92, for a total transaction of $1,618,400.00. Following the sale, the director now directly owns 664,053 shares in the company, valued at $53,735,168.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Battles sold 2,530 shares of LogMeIn stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $81.13, for a total value of $205,258.90. Following the sale, the insider now owns 5,468 shares in the company, valued at $443,618.84. The disclosure for this sale can be found here. Insiders have sold 62,790 shares of company stock worth $5,190,442 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.
A number of brokerages have recently weighed in on LOGM. Piper Jaffray Companies lowered LogMeIn from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $135.00 to $95.00 in a research report on Friday, July 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $96.00 price objective (down from $145.00) on shares of LogMeIn in a research report on Friday, July 27th. KeyCorp cut their price objective on LogMeIn from $135.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, July 27th. BidaskClub lowered LogMeIn from a “buy” rating to a “hold” rating in a research report on Thursday, October 11th. Finally, ValuEngine lowered LogMeIn from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $116.27.
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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