Victory Capital Management Inc revealed that they own a 7.8% stake in LogMein Inc. (NASDAQ:LOGM) in a Schedule 13G disclosure that was filed with the Securities and Exchange Commission (SEC) on Thursday, September 22nd. The investor owns 1,964,877 shares of the stock valued at approximately $177,349,798. The disclosure is available through EDGAR at this link.
Several other institutional investors have also modified their holdings of LOGM. Macquarie Group Ltd. boosted its position in shares of LogMein by 138.8% in the second quarter. Macquarie Group Ltd. now owns 78,874 shares of the company’s stock valued at $5,003,000 after buying an additional 45,849 shares during the period. Mason Street Advisors LLC purchased a new stake in LogMein during the second quarter worth approximately $310,000. Amalgamated Bank purchased a new stake in LogMein during the second quarter worth approximately $245,000. Metropolitan Life Insurance Co. NY boosted its stake in LogMein by 8.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 18,170 shares of the company’s stock worth $1,153,000 after buying an additional 1,391 shares during the last quarter. Finally, Numeric Investors LLC boosted its stake in LogMein by 10.4% in the second quarter. Numeric Investors LLC now owns 8,500 shares of the company’s stock worth $539,000 after buying an additional 800 shares during the last quarter.
LogMein Inc. (NASDAQ:LOGM) traded down 1.08% on Thursday, hitting $90.26. 506,583 shares of the company were exchanged. The stock has a market capitalization of $2.28 billion, a P/E ratio of 177.33 and a beta of 1.20. LogMein Inc. has a 52-week low of $35.00 and a 52-week high of $94.42. The stock’s 50-day moving average price is $85.36 and its 200-day moving average price is $65.51.
LogMein (NASDAQ:LOGM) last issued its earnings results on Tuesday, July 26th. The company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.03. The firm had revenue of $83.30 million for the quarter, compared to analyst estimates of $81.80 million. LogMein had a return on equity of 12.99% and a net margin of 4.29%. LogMein’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share. On average, equities research analysts anticipate that LogMein Inc. will post $1.93 earnings per share for the current fiscal year.
The company also recently announced a special dividend, which was paid on Friday, August 26th. Investors of record on Monday, August 8th were given a $0.50 dividend. The ex-dividend date was Thursday, August 4th.
A number of equities research analysts have commented on the stock. Needham & Company LLC raised their target price on shares of LogMein from $81.00 to $98.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 27th. Piper Jaffray Cos. restated an “overweight” rating on shares of LogMein in a research note on Wednesday, July 27th. Barclays PLC raised their target price on shares of LogMein from $57.00 to $82.00 and gave the stock an “underweight” rating 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. Finally, Zacks Investment Research cut shares of LogMein from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. LogMein presently has a consensus rating of “Buy” and a consensus price target of $77.44.
In other LogMein news, Director Steven G. Chambers sold 4,540 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $84.42, for a total value of $383,266.80. Following the completion of the transaction, the director now directly owns 1,850 shares of the company’s stock, valued at $156,177. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael J. Donahue sold 6,034 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $84.49, for a total value of $509,812.66. Following the completion of the transaction, the senior vice president now directly owns 8,534 shares of the company’s stock, valued at $721,037.66. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate 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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