LogMein, Inc. (LOGM) Position Lifted by Wells Fargo & Company MN
Wells Fargo & Company MN increased its holdings in shares of LogMein, Inc. (NASDAQ:LOGM) by 23.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 866,387 shares of the software maker’s stock after acquiring an additional 165,690 shares during the period. Wells Fargo & Company MN owned approximately 1.64% of LogMein worth $90,537,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in LOGM. BlackRock Inc. grew its holdings in LogMein by 97,044.4% during the first quarter. BlackRock Inc. now owns 5,531,400 shares of the software maker’s stock worth $539,312,000 after acquiring an additional 5,525,706 shares during the period. Vanguard Group Inc. grew its holdings in LogMein by 112.7% during the first quarter. Vanguard Group Inc. now owns 4,446,416 shares of the software maker’s stock worth $433,525,000 after acquiring an additional 2,356,291 shares during the period. FMR LLC grew its holdings in LogMein by 129.0% during the first quarter. FMR LLC now owns 2,903,102 shares of the software maker’s stock worth $283,052,000 after acquiring an additional 1,635,216 shares during the period. Clearbridge Investments LLC acquired a new position in LogMein during the first quarter worth $141,745,000. Finally, Elliott Management Corp acquired a new position in LogMein during the first quarter worth $118,804,000. 95.69% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LogMein, Inc. (NASDAQ:LOGM) opened at 111.70 on Wednesday. The stock’s market capitalization is $5.89 billion. The stock has a 50 day moving average price of $113.86 and a 200 day moving average price of $108.20. LogMein, Inc. has a 12 month low of $86.22 and a 12 month high of $123.95.
LogMein (NASDAQ:LOGM) last issued its earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.08. The business had revenue of $266.95 million for the quarter, compared to analysts’ expectations of $264.95 million. LogMein had a positive return on equity of 5.42% and a negative net margin of 0.41%. The company’s quarterly revenue was up 220.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 EPS. On average, analysts anticipate that LogMein, Inc. will post $4.05 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Wednesday, August 9th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend was Monday, August 7th. LogMein’s payout ratio is -909.01%.
In other news, CEO William Raymond Wagner sold 4,588 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $116.30, for a total value of $533,584.40. Following the completion of the sale, the chief executive officer now owns 69,542 shares of the company’s stock, valued at $8,087,734.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider W. Sean Ford sold 14,640 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was 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 approximately $1,654,466.40. The disclosure for this sale can be found here. Insiders sold a total of 46,303 shares of company stock worth $5,347,182 over the last 90 days. Insiders own 2.50% of the company’s stock.
A number of research analysts recently weighed in on the company. Royal Bank Of Canada reaffirmed a “buy” rating and set a $140.00 price objective on shares of LogMein in a report on Monday, September 4th. Northland Securities reaffirmed a “buy” rating on shares of LogMein in a report on Friday, July 28th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $170.00 price objective on shares of LogMein in a report on Wednesday, August 9th. Cowen and Company reaffirmed an “outperform” rating and set a $134.00 price objective (up previously from $130.00) on shares of LogMein in a report on Sunday, July 30th. Finally, KeyCorp raised LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price objective on the stock in a report on Friday, July 28th. 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 stock. The stock has an average rating of “Buy” and a consensus price target of $131.85.
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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