LogMein, Inc. (NASDAQ:LOGM) Stake Cut by Oregon Public Employees Retirement Fund
Oregon Public Employees Retirement Fund decreased its stake in LogMein, Inc. (NASDAQ:LOGM) by 9.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,127 shares of the software maker’s stock after selling 1,994 shares during the period. Oregon Public Employees Retirement Fund’s holdings in LogMein were worth $1,999,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. AMI Asset Management Corp boosted its stake in LogMein by 6.2% in the second quarter. AMI Asset Management Corp now owns 18,195 shares of the software maker’s stock valued at $1,901,000 after buying an additional 1,056 shares in the last quarter. Creative Planning boosted its stake in LogMein by 0.3% in the second quarter. Creative Planning now owns 1,147 shares of the software maker’s stock valued at $120,000 after buying an additional 3 shares in the last quarter. Capstone Asset Management Co. raised its position in shares of LogMein by 12.9% in the second quarter. Capstone Asset Management Co. now owns 7,376 shares of the software maker’s stock worth $771,000 after buying an additional 843 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in shares of LogMein during the second quarter worth approximately $449,000. Finally, Nuveen Asset Management LLC raised its position in shares of LogMein by 830.3% in the first quarter. Nuveen Asset Management LLC now owns 142,130 shares of the software maker’s stock worth $13,858,000 after buying an additional 126,852 shares during the last quarter. Hedge funds and other institutional investors own 95.88% of the company’s stock.
LogMein, Inc. (LOGM) traded up 4.58% on Monday, reaching $117.60. The company’s stock had a trading volume of 529,019 shares. The company has a 50 day moving average of $110.02 and a 200 day moving average of $105.81. The firm’s market capitalization is $6.20 billion. LogMein, Inc. has a 52 week low of $79.63 and a 52 week high of $123.95.
LogMein (NASDAQ:LOGM) last released its earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.08. The company had revenue of $266.95 million during the quarter, compared to the consensus estimate of $264.95 million. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. The company’s revenue was up 220.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.49 EPS. On average, analysts forecast that LogMein, Inc. will post $4.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Wednesday, August 9th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend is Monday, August 7th. LogMein’s payout ratio is currently -227.25%.
A number of brokerages recently commented on LOGM. BidaskClub lowered LogMein from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research raised LogMein from a “hold” rating to a “buy” rating and set a $131.00 price target for the company in a research note on Thursday. Cowen and Company reissued an “outperform” rating and set a $134.00 price target (up from $130.00) on shares of LogMein in a research note on Sunday, July 30th. KeyCorp raised LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price objective for the company in a research note on Friday, July 28th. Finally, Northland Securities reaffirmed a “buy” rating on shares of LogMein in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $125.52.
In other news, insider W. Sean Ford sold 14,640 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $113.01, for a total value of $1,654,466.40. Following the completion of the sale, the insider now owns 14,640 shares of the company’s stock, valued at approximately $1,654,466.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James Lok sold 640 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $116.05, for a total transaction of $74,272.00. Following the completion of the sale, the senior vice president now directly owns 3,709 shares of the company’s stock, valued at approximately $430,429.45. The disclosure for this sale can be found here. Insiders sold a total of 128,796 shares of company stock valued at $14,560,836 in the last three months. Insiders own 2.50% of the company’s stock.
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 core cloud-based services are categorized into four business lines: Communications and Collaboration; Engagement and Support; Identity and Access, and Additional Service Offerings.
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