Ameriprise Financial Inc. cut its stake in LogMein Inc. (NASDAQ:LOGM) by 30.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 235,334 shares of the company’s stock after selling 104,075 shares during the period. Ameriprise Financial Inc. owned approximately 0.93% of LogMein worth $14,926,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of LOGM. Acrospire Investment Management LLC purchased a new position in shares of LogMein during the first quarter valued at about $146,000. Janney Montgomery Scott LLC purchased a new position in shares of LogMein during the second quarter valued at about $208,000. Cadence Capital Management LLC purchased a new position in shares of LogMein during the second quarter valued at about $247,000. Aperio Group LLC increased its position in shares of LogMein by 35.6% in the first quarter. Aperio Group LLC now owns 4,968 shares of the company’s stock valued at $251,000 after buying an additional 1,305 shares in the last quarter. Finally, Suntrust Banks Inc. purchased a new position in shares of LogMein during the second quarter valued at about $266,000.
Shares of LogMein Inc. (NASDAQ:LOGM) traded down 0.61% during mid-day trading on Friday, reaching $89.71. 205,564 shares of the company’s stock were exchanged. LogMein Inc. has a one year low of $35.00 and a one year high of $94.42. The company’s 50-day moving average price is $85.72 and its 200-day moving average price is $65.96. The company has a market capitalization of $2.27 billion, a PE ratio of 176.25 and a beta of 1.20.
LogMein (NASDAQ:LOGM) last posted its earnings results on Tuesday, July 26th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $83.30 million for the quarter, compared to the consensus estimate of $81.80 million. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The company’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 EPS. On average, equities analysts expect that LogMein Inc. will post $1.93 earnings per share for the current year.
The company also recently disclosed a special dividend, which was paid on Friday, August 26th. Stockholders of record on Monday, August 8th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 4th.
Several brokerages have recently issued reports on LOGM. Piper Jaffray Cos. reiterated an “overweight” rating on shares of LogMein in a research note on Wednesday, July 27th. JPMorgan Chase & Co. upgraded shares of LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 target price on the stock in a research note on Wednesday, July 27th. Barclays PLC upped their target price on shares of LogMein from $49.00 to $57.00 and gave the stock an “underweight” rating in a research note on Friday, July 15th. Zacks Investment Research downgraded shares of LogMein from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Finally, Cowen and Company downgraded shares of LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 target price on the stock. in a research note on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $77.44.
In other news, Director Michael K. Simon sold 50,000 shares of LogMein stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $83.93, for a total value of $4,196,500.00. Following the transaction, the director now owns 819,824 shares of the company’s stock, valued at approximately $68,807,828.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven G. Chambers sold 4,540 shares of LogMein stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $84.42, for a total transaction of $383,266.80. Following the completion of the transaction, the director now directly owns 1,850 shares in the company, valued at approximately $156,177. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.
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 product line includes AppGuru, BoldChat, Cubby, join.me, LastPass, LogMeIn Pro, LogMeIn Central, LogMeIn Rescue, LogMeIn Rescue+Mobile, LogMeIn Backup, LogMeIn for iOS, LogMeIn Hamachi, MeldiumTM, Xively and RemotelyAnywhere.
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