LogMein Inc. (LOGM) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of LogMein Inc. (NASDAQ:LOGM) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $105.00 price target on the stock.
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 research firms have also recently commented on LOGM. Barclays PLC raised LogMein from an underweight rating to an overweight rating and increased their target price for the company from $82.00 to $105.00 in a research note on Monday. TheStreet raised LogMein from a hold rating to a buy rating in a research note on Wednesday, July 27th. Needham & Company LLC increased their target price on LogMein from $81.00 to $98.00 and gave the company a strong-buy rating in a research note on Wednesday, July 27th. Piper Jaffray Cos. reissued an overweight rating on shares of LogMein in a research note on Wednesday, July 27th. Finally, JPMorgan Chase & Co. raised 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. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $84.22.
Shares of LogMein (NASDAQ:LOGM) opened at 93.42 on Wednesday. The firm has a market cap of $2.36 billion, a P/E 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 has a 12-month low of $35.00 and a 12-month high of $95.99.
LogMein (NASDAQ:LOGM) last released 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. The firm had revenue of $83.30 million for the quarter, compared to analysts’ expectations of $81.80 million. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The business’s quarterly revenue was up 28.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Equities research analysts forecast that LogMein will post $1.93 EPS for the current year.
In other LogMein news, SVP Michael J. Donahue sold 4,137 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The shares were 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 owns 8,137 shares of the company’s stock, valued at $652,017.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael K. Simon sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $83.93, for a total transaction of $4,196,500.00. Following the transaction, the director now directly owns 819,824 shares of the company’s stock, valued at approximately $68,807,828.32. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of LogMein by 39.2% in the second quarter. FMR LLC now owns 1,111,447 shares of the company’s stock valued at $70,499,000 after buying an additional 313,112 shares during the period. Mesirow Financial Investment Management Equity Management purchased a new stake in shares of LogMein during the second quarter valued at $17,290,000. Renaissance Technologies LLC increased its stake in shares of LogMein by 43.0% in the first quarter. Renaissance Technologies LLC now owns 901,000 shares of the company’s stock valued at $45,464,000 after buying an additional 270,800 shares during the period. Bank of Montreal Can purchased a new stake in shares of LogMein during the second quarter valued at $15,298,000. Finally, Teachers Advisors Inc. increased its stake in shares of LogMein by 457.2% in the second quarter. Teachers Advisors Inc. now owns 226,059 shares of the company’s stock valued at $14,339,000 after buying an additional 185,486 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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