LogMein Inc. (NASDAQ:LOGM) had its price target reduced by Needham & Company LLC from $114.00 to $98.00 in a research report issued to clients and investors on Friday. The firm presently has a “strong-buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 9.36% from the stock’s previous close.

Several other research firms also recently commented on LOGM. Zacks Investment Research raised shares of LogMein from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a research report on Wednesday, October 5th. Barclays PLC raised shares of LogMein from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $82.00 to $105.00 in a research report on Monday, October 3rd. TheStreet raised shares of LogMein from a “hold” rating to a “buy” rating in a research report on Wednesday, July 27th. Piper Jaffray Cos. reaffirmed an “overweight” rating on shares of LogMein in a research report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. raised shares of LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price objective for the company in a research report on Wednesday, July 27th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $84.22.

Analyst Recommendations for LogMein (NASDAQ:LOGM)

Shares of LogMein (NASDAQ:LOGM) traded up 0.07% on Friday, hitting $89.61. 191,458 shares of the stock traded hands. The stock has a 50 day moving average price of $89.73 and a 200-day moving average price of $70.18. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of 176.05 and a beta of 1.37. LogMein has a 52 week low of $35.00 and a 52 week high of $95.99.

LogMein (NASDAQ:LOGM) last posted its earnings results on Tuesday, July 26th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. The company earned $83.30 million during the quarter, compared to the consensus estimate of $81.80 million. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 earnings per share. On average, equities research analysts forecast that LogMein will post $1.93 EPS for the current year.

In other LogMein news, SVP Michael J. Donahue sold 6,034 shares of the 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 sale, the senior vice president now directly owns 8,534 shares in the company, valued at approximately $721,037.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction 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 currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of LOGM. Victory Capital Management Inc. boosted its stake in 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. PineBridge Investments L.P. boosted its stake in 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 purchased a new stake in LogMein during the second quarter valued at about $208,000. Profund Advisors LLC purchased a new stake in LogMein during the second quarter valued at about $211,000. Finally, Teacher Retirement System of Texas boosted its stake in 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 Company Profile

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.

5 Day Chart for NASDAQ:LOGM

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