LogMein, Inc. (LOGM) Position Boosted by Commerce Bank
Commerce Bank raised its stake in shares of LogMein, Inc. (NASDAQ:LOGM) by 14.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 264,489 shares of the software maker’s stock after buying an additional 34,024 shares during the period. Commerce Bank owned about 0.50% of LogMein worth $27,639,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its stake in LogMein by 4.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 14,084 shares of the software maker’s stock valued at $1,472,000 after buying an additional 634 shares during the period. Renaissance Group LLC raised its stake in LogMein by 0.9% in the second quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock valued at $360,000 after buying an additional 32 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in LogMein by 9.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,140 shares of the software maker’s stock valued at $224,000 after buying an additional 189 shares during the period. Neuberger Berman Group LLC raised its stake in LogMein by 110.0% in the second quarter. Neuberger Berman Group LLC now owns 210,764 shares of the software maker’s stock valued at $22,025,000 after buying an additional 110,384 shares during the period. Finally, Pacer Advisors Inc. raised its stake in LogMein by 17.7% in the second quarter. Pacer Advisors Inc. now owns 6,550 shares of the software maker’s stock valued at $684,000 after buying an additional 983 shares during the period. Hedge funds and other institutional investors own 95.69% of the company’s stock.
LogMein, Inc. (NASDAQ LOGM) opened at 113.80 on Thursday. LogMein, Inc. has a 12-month low of $80.82 and a 12-month high of $123.95. The firm’s market capitalization is $6.00 billion. The company has a 50-day moving average price of $113.28 and a 200-day moving average price of $106.99.
LogMein (NASDAQ:LOGM) last posted its earnings results on Thursday, July 27th. The software maker reported $1.01 EPS 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 for the quarter was up 220.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 earnings per share. On average, analysts predict that LogMein, Inc. will post $4.05 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Wednesday, August 9th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Monday, August 7th. LogMein’s dividend payout ratio is -909.01%.
Several research firms have commented on LOGM. KeyCorp upgraded 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. Piper Jaffray Companies reiterated an “overweight” rating and set a $170.00 price objective on shares of LogMein in a research note on Wednesday, August 9th. BidaskClub lowered LogMein from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Northland Securities reiterated a “buy” rating on shares of LogMein in a research note on Friday, July 28th. Finally, Zacks Investment Research upgraded LogMein from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $127.74.
In other LogMein news, insider W. Sean Ford sold 14,640 shares of the business’s stock in a transaction that occurred on 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 directly owns 14,640 shares of the company’s stock, valued at $1,654,466.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael K. Simon sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $116.33, for a total transaction of $2,326,600.00. Following the completion of the sale, the director now directly owns 790,977 shares of the company’s stock, valued at $92,014,354.41. The disclosure for this sale can be found here. Insiders sold 78,500 shares of company stock valued at $9,018,278 over the last three months. Insiders own 2.50% of the company’s stock.
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 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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