State Board of Administration of Florida Retirement System decreased its stake in LogMein Inc. (NASDAQ:LOGM) by 5.9% during the second quarter, Holdings Channel reports. The fund owned 14,959 shares of the company’s stock after selling 930 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.06% of LogMein worth $949,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its position in shares of LogMein by 43.0% in the first quarter. Renaissance Technologies LLC now owns 901,000 shares of the company’s stock worth $45,464,000 after buying an additional 270,800 shares during the last quarter. BlackRock Inc. boosted its position in shares of LogMein by 1.1% in the first quarter. BlackRock Inc. now owns 17,141 shares of the company’s stock worth $865,000 after buying an additional 194 shares during the last quarter. Aperio Group LLC boosted 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 worth $251,000 after buying an additional 1,305 shares during the last quarter. Parametrica Management Ltd purchased a new position in shares of LogMein during the first quarter worth approximately $301,000. Finally, Nuveen Asset Management LLC boosted its position in shares of LogMein by 1.2% in the first quarter. Nuveen Asset Management LLC now owns 24,182 shares of the company’s stock worth $1,220,000 after buying an additional 277 shares during the last quarter.
Shares of LogMein Inc. (NASDAQ:LOGM) traded down 0.61% during mid-day trading on Friday, reaching $89.71. The company’s stock had a trading volume of 205,564 shares. The company’s 50-day moving average is $85.72 and its 200 day moving average is $65.96. LogMein Inc. has a 12 month low of $35.00 and a 12 month high of $94.42. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 176.25 and a beta of 1.20.
LogMein (NASDAQ:LOGM) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The firm had revenue of $83.30 million for the quarter, compared to analysts’ expectations of $81.80 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. On average, equities analysts anticipate that LogMein Inc. will post $1.93 EPS for the current year.
The company also recently disclosed a special dividend, which was paid on Friday, August 26th. Shareholders of record on Monday, August 8th were given a $0.50 dividend. The ex-dividend date was Thursday, August 4th.
A number of research analysts have recently commented on the company. Needham & Company LLC increased their price target on LogMein from $81.00 to $98.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 27th. Zacks Investment Research cut LogMein from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. JPMorgan Chase & Co. upgraded LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price target for the company in a research note on Wednesday, July 27th. Barclays PLC increased their price target on LogMein from $57.00 to $82.00 and gave the company an “underweight” rating in a research note on Wednesday, July 27th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating on shares of LogMein in a research note on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $77.44.
In other LogMein news, SVP Michael J. Donahue sold 6,034 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $84.49, for a total value of $509,812.66. Following the transaction, the senior vice president now owns 8,534 shares in the company, valued at $721,037.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven G. Chambers sold 4,540 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were 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 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 company 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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