BlackRock Advisors LLC cut its stake in LogMein Inc. (NASDAQ:LOGM) by 3.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 201,484 shares of the company’s stock after selling 7,494 shares during the period. BlackRock Advisors LLC owned 0.80% of LogMein worth $12,780,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of LOGM. Victory Capital Management Inc. increased its position in shares of LogMein by 160.9% in the second quarter. Victory Capital Management Inc. now owns 2,069 shares of the company’s stock valued at $131,000 after buying an additional 1,276 shares in the last quarter. Acrospire Investment Management LLC bought a new position in shares of LogMein during the first quarter valued at approximately $146,000. PineBridge Investments L.P. increased its position in shares of LogMein by 3.4% in the second quarter. PineBridge Investments L.P. now owns 3,170 shares of the company’s stock valued at $201,000 after buying an additional 103 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of LogMein during the second quarter valued at approximately $208,000. Finally, Teacher Retirement System of Texas increased its position in shares of LogMein by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,509 shares of the company’s stock valued at $223,000 after buying an additional 425 shares in the last quarter.
LogMein Inc. (NASDAQ:LOGM) opened at 93.42 on Thursday. The stock has a market cap of $2.36 billion, a PE ratio of 183.54 and a beta of 1.37. LogMein Inc. has a 1-year low of $35.00 and a 1-year high of $95.99. The stock has a 50 day moving average price of $87.61 and a 200 day moving average price of $68.38.
LogMein (NASDAQ:LOGM) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. LogMein had a return on equity of 12.99% and a net margin of 4.29%. The firm had revenue of $83.30 million for the quarter, compared to the consensus estimate of $81.80 million. During the same period in the prior year, the business posted $0.35 earnings per share. The company’s revenue for the quarter was up 28.4% on a year-over-year basis. On average, analysts predict that LogMein Inc. will post $1.93 EPS for the current fiscal year.
Several research analysts have commented on LOGM shares. Zacks Investment Research upgraded LogMein from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a research note on Wednesday. TheStreet raised LogMein from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Cowen and Company cut LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a report on Tuesday, July 5th. Barclays PLC raised LogMein from an “underweight” rating to an “overweight” rating and raised their price target for the company from $82.00 to $105.00 in a report on Monday. Finally, JPMorgan Chase & Co. raised LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price objective on the stock in a report on Wednesday, July 27th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. LogMein presently has an average rating of “Buy” and an average target price of $84.22.
In other news, Director Marilyn Matz sold 500 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $83.20, for a total value of $41,600.00. Following the sale, the director now directly owns 1,950 shares in the company, valued at $162,240. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Michael J. Donahue sold 4,137 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $80.13, for a total value of $331,497.81. Following the completion of the sale, the senior vice president now owns 8,137 shares in the company, valued at $652,017.81. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
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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