Needham & Company LLC Raises LogMein Inc. (LOGM) Price Target to $114.00
LogMein Inc. (NASDAQ:LOGM) had its target price raised by investment analysts at Needham & Company LLC from $98.00 to $114.00 in a report released on Friday. The brokerage presently has a “strong-buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 27.30% from the company’s previous close.
Other research analysts have also recently issued research reports about the stock. TheStreet upgraded shares of LogMein from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Zacks Investment Research upgraded shares of LogMein from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Wednesday, October 5th. Cowen and Company cut shares of LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price target for the company. in a report on Tuesday, July 5th. Piper Jaffray Cos. reiterated an “overweight” rating on shares of LogMein in a 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 on the stock in a research report on Wednesday, July 27th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. LogMein has a consensus rating of “Buy” and an average price target of $86.00.
Shares of LogMein (NASDAQ:LOGM) traded up 0.30% during midday trading on Friday, hitting $89.82. 144,692 shares of the stock were exchanged. The firm has a market cap of $2.27 billion, a P/E ratio of 176.46 and a beta of 1.37. LogMein has a 12-month low of $35.00 and a 12-month high of $95.99. The stock’s 50 day moving average is $89.49 and its 200 day moving average is $69.89.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.03. The company earned $83.30 million during 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, equities research analysts forecast that LogMein will post $1.93 earnings per share for the current fiscal year.
In other LogMein news, SVP Michael J. Donahue sold 4,137 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $80.13, for a total transaction of $331,497.81. Following the sale, the senior vice president now directly owns 8,137 shares in the company, valued at $652,017.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven G. Chambers sold 4,540 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $84.42, for a total transaction of $383,266.80. Following the sale, the director now owns 1,850 shares in the company, valued at $156,177. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in LOGM. Aperio Group LLC increased its stake 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. BlackRock Inc. increased its stake 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. BlackRock Group LTD increased its stake in shares of LogMein by 3.3% in the first quarter. BlackRock Group LTD now owns 72,899 shares of the company’s stock worth $3,679,000 after buying an additional 2,331 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of LogMein by 11.9% in the first quarter. UBS Asset Management Americas Inc. now owns 44,563 shares of the company’s stock worth $2,248,000 after buying an additional 4,723 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of LogMein during the first quarter worth about $497,000.
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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