Zevin Asset Management LLC Cuts Stake in LogMein, Inc. (LOGM)
Zevin Asset Management LLC decreased its position in LogMein, Inc. (NASDAQ:LOGM) by 8.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,545 shares of the software maker’s stock after selling 228 shares during the period. Zevin Asset Management LLC’s holdings in LogMein were worth $266,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in LOGM. BlackRock Inc. boosted its position in shares of LogMein by 97,044.4% in the first quarter. BlackRock Inc. now owns 5,531,400 shares of the software maker’s stock valued at $539,312,000 after buying an additional 5,525,706 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of LogMein by 112.7% in the first quarter. Vanguard Group Inc. now owns 4,446,416 shares of the software maker’s stock valued at $433,525,000 after buying an additional 2,356,291 shares during the last quarter. FMR LLC boosted its position in shares of LogMein by 129.0% in the first quarter. FMR LLC now owns 2,903,102 shares of the software maker’s stock valued at $283,052,000 after buying an additional 1,635,216 shares during the last quarter. State Street Corp boosted its position in shares of LogMein by 209.9% in the first quarter. State Street Corp now owns 1,671,627 shares of the software maker’s stock valued at $162,988,000 after buying an additional 1,132,179 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of LogMein by 155.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,597,788 shares of the software maker’s stock valued at $155,784,000 after buying an additional 972,980 shares during the last quarter. Hedge funds and other institutional investors own 95.69% of the company’s stock.
Shares of LogMein, Inc. (NASDAQ LOGM) traded up 0.62% during midday trading on Thursday, reaching $114.05. 32,784 shares of the company’s stock traded hands. LogMein, Inc. has a 12 month low of $80.82 and a 12 month high of $123.95. The stock has a 50-day moving average price of $113.28 and a 200 day moving average price of $106.99. The firm’s market cap is $6.01 billion.
LogMein (NASDAQ:LOGM) last issued its earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.08. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. The firm had revenue of $266.95 million during the quarter, compared to analyst estimates of $264.95 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. LogMein’s revenue for the quarter was up 220.6% on a year-over-year basis. Equities research analysts predict that LogMein, Inc. will post $4.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Wednesday, August 9th were given a dividend of $0.25 per share. The ex-dividend date was Monday, August 7th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.88%. LogMein’s dividend payout ratio is -909.01%.
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Several equities analysts have recently weighed in on LOGM shares. KeyCorp upgraded LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price objective for the company in a report on Friday, July 28th. Zacks Investment Research cut LogMein from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 3rd. BidaskClub upgraded LogMein from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Cowen and Company raised their price objective on LogMein from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $125.00 price target (up previously from $110.00) on shares of LogMein in a report on Friday, May 5th. One investment 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’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $127.74.
In related news, Director Michael K. Simon sold 20,000 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $112.80, for a total transaction of $2,256,000.00. Following the completion of the transaction, the director now owns 800,102 shares in the company, valued at $90,251,505.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider W. Sean Ford sold 14,640 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $113.01, for a total transaction of $1,654,466.40. Following the transaction, the insider now owns 14,640 shares of the company’s stock, valued at approximately $1,654,466.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,500 shares of company stock valued at $9,018,278. 2.50% of the stock is owned by company insiders.
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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