LogMein Inc. (NASDAQ:LOGM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $105.00 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 12.40% from the company’s previous close.
According to Zacks, “LogMeIn Inc., with world headquarters located near Boston in Woburn, Massachusetts, is a leading provider of on-demand, remote-connectivity and support solutions to small businesses, IT service providers and consumers. The company also has its European headquarters in Amsterdam, the Netherlands, and a development center in Budapest, Hungary. LogMeIn’s software-as-a-service suite of solutions includes capabilities for on-demand customer support of PCs, smartphones and other devices, systems administration, remote access, remote control, file-sharing, virtual private networking, data back-up and online meeting. Its solutions, which are deployed on-demand and accessible through a Web browser, are secure, scalable and easy for its customers to try, purchase and use. The company’s vision is to improve mobility, business productivity and connectivity through its Connectivity as a ServiceSM solutions. “
A number of other equities research analysts have also issued reports on LOGM. Needham & Company LLC raised their price target on shares of LogMein from $81.00 to $98.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 27th. Piper Jaffray Cos. reaffirmed an “overweight” rating on shares of LogMein in a research note on Wednesday, July 27th. Barclays PLC lifted their target price on shares of LogMein from $57.00 to $82.00 and gave the company an “underweight” rating in a research note on Wednesday, July 27th. JPMorgan Chase & Co. raised 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, Cowen and Company lowered 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. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. LogMein presently has a consensus rating of “Buy” and a consensus price target of $84.22.
Shares of LogMein (NASDAQ:LOGM) remained flat at $93.42 during midday trading on Wednesday. The stock had a trading volume of 131,281 shares. LogMein has a 12 month low of $35.00 and a 12 month high of $95.99. The company has a market cap of $2.36 billion, a PE ratio of 183.54 and a beta of 1.37. The company’s 50-day moving average price is $87.61 and its 200-day moving average price is $68.38.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $83.30 million for the quarter, compared to analyst estimates of $81.80 million. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The company’s revenue was up 28.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. On average, equities research analysts forecast that LogMein will post $1.93 EPS for the current fiscal year.
In other LogMein news, SVP Michael J. Donahue sold 6,034 shares of LogMein 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael J. Donahue sold 4,137 shares of LogMein stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $80.13, for a total transaction of $331,497.81. Following the completion of the transaction, the senior vice president now directly owns 8,137 shares of the company’s stock, valued at $652,017.81. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. 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 position in shares of LogMein during the second quarter valued at about $310,000. Amalgamated Bank purchased a new position in shares of LogMein during the second quarter valued at about $245,000. Metropolitan Life Insurance Co. NY boosted its position in shares of LogMein by 8.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 18,170 shares of the company’s stock valued at $1,153,000 after buying an additional 1,391 shares during the period. Finally, Numeric Investors LLC boosted its position in shares of LogMein by 10.4% in the second quarter. Numeric Investors LLC now owns 8,500 shares of the company’s stock valued at $539,000 after buying an additional 800 shares during the period.
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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