LogMein Inc. (LOGM) Given New $98.00 Price Target at Needham & Company LLC
LogMein Inc. (NASDAQ:LOGM) had its price target cut by investment analysts at Needham & Company LLC from $114.00 to $98.00 in a note issued to investors on Friday. The brokerage currently has a “strong-buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 7.17% from the company’s previous close.
Several other analysts also recently issued reports on the stock. TheStreet raised shares of LogMein from a “hold” rating to a “buy” rating in a research report on Wednesday, July 27th. Cowen and Company downgraded shares of LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 price target for the company. in a research report on Tuesday, July 5th. Zacks Investment Research downgraded shares of LogMein from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Barclays PLC lifted their price objective on shares of LogMein from $49.00 to $57.00 and gave the stock an “underweight” rating in a report on Friday, July 15th. 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 report on Wednesday, July 27th. Two 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 company. LogMein presently has a consensus rating of “Buy” and an average price target of $84.22.
Shares of LogMein (NASDAQ:LOGM) traded down 0.83% during trading on Friday, hitting $90.68. 85,038 shares of the stock traded hands. The stock has a 50 day moving average price of $90.31 and a 200-day moving average price of $71.15. LogMein has a 1-year low of $35.00 and a 1-year high of $95.99. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 178.15 and a beta of 1.37.
LogMein (NASDAQ:LOGM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. LogMein had a net margin of 4.29% and a return on equity of 12.99%. The business earned $83.30 million during the quarter, compared to the consensus estimate of $81.80 million. During the same quarter last year, the firm posted $0.35 EPS. LogMein’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 other news, Director Marilyn Matz sold 500 shares of LogMein stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $83.20, for a total transaction of $41,600.00. Following the sale, the director now directly owns 1,950 shares in the company, valued at approximately $162,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael J. Donahue sold 4,137 shares of LogMein stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $80.13, for a total value of $331,497.81. Following 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. Insiders own 1.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in LOGM. Arizona State Retirement System boosted its stake in LogMein by 0.8% in the second quarter. Arizona State Retirement System now owns 12,937 shares of the company’s stock worth $821,000 after buying an additional 100 shares during the last quarter. PineBridge Investments L.P. boosted its stake 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 in the last quarter. Sei Investments Co. boosted its stake in shares of LogMein by 1.0% in the second quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock worth $727,000 after buying an additional 118 shares in the last quarter. First Mercantile Trust Co. boosted its stake in shares of LogMein by 2.8% in the second quarter. First Mercantile Trust Co. now owns 5,300 shares of the company’s stock worth $336,000 after buying an additional 142 shares in the last quarter. Finally, BlackRock Inc. boosted 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 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.
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