LogMein Inc. (LOGM) Price Target Lowered to $98.00 at Needham & Company LLC
LogMein Inc. (NASDAQ:LOGM) had its price target dropped by research analysts at Needham & Company LLC from $114.00 to $98.00 in a research note issued to investors on Friday. The brokerage presently has a “strong-buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 10.51% from the stock’s previous close.
Several other research analysts have also recently commented on the company. TheStreet upgraded LogMein from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Cowen and Company cut LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a research note on Tuesday, July 5th. Zacks Investment Research cut LogMein from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Barclays PLC upped their price objective on LogMein from $49.00 to $57.00 and gave the company an “underweight” rating in a research note on Friday, July 15th. Finally, JPMorgan Chase & Co. upgraded LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 price objective on the stock in a research note on Wednesday, July 27th. Two investment 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 company. The company currently has a consensus rating of “Buy” and a consensus target price of $84.22.
Shares of LogMein (NASDAQ:LOGM) traded up 0.08% on Friday, hitting $88.75. The company’s stock had a trading volume of 243,858 shares. The firm has a market cap of $2.25 billion, a PE ratio of 174.36 and a beta of 1.37. LogMein has a 1-year low of $35.00 and a 1-year high of $95.99. The company has a 50 day moving average of $89.91 and a 200 day moving average of $70.73.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.03. LogMein had a return on equity of 12.99% and a net margin of 4.29%. The business 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 firm posted $0.35 earnings per share. The company’s revenue was up 28.4% compared to the same quarter last year. Equities analysts forecast that LogMein will post $1.93 EPS for the current year.
In related news, Director Marilyn Matz sold 500 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $83.20, for a total value of $41,600.00. Following the completion of the transaction, the director now directly owns 1,950 shares of the company’s stock, valued at approximately $162,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael K. Simon sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $83.93, for a total value of $4,196,500.00. Following the completion of the transaction, the director now directly owns 819,824 shares of the company’s stock, valued at $68,807,828.32. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
A number of institutional investors have recently modified their holdings of LOGM. Victory Capital Management Inc. raised its position in shares of LogMein by 160.9% in the second quarter. Victory Capital Management Inc. now owns 2,069 shares of the company’s stock worth $131,000 after buying an additional 1,276 shares during the period. PineBridge Investments L.P. raised its position in shares of LogMein by 3.4% in the second quarter. PineBridge Investments L.P. now owns 3,170 shares of the company’s stock worth $201,000 after buying an additional 103 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of LogMein during the second quarter worth about $208,000. Profund Advisors LLC purchased a new position in shares of LogMein during the second quarter worth about $211,000. Finally, Teacher Retirement System of Texas raised its position in shares of LogMein by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,509 shares of the company’s stock worth $223,000 after buying an additional 425 shares during the last quarter.
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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