Laurion Capital Management LP Acquires New Position in LogMein, Inc. (LOGM)
Laurion Capital Management LP purchased a new position in shares of LogMein, Inc. (NASDAQ:LOGM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 48,669 shares of the software maker’s stock, valued at approximately $5,086,000. Laurion Capital Management LP owned 0.09% of LogMein at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in LOGM. Janney Montgomery Scott LLC acquired a new stake in shares of LogMein during the 1st quarter worth approximately $306,000. Russell Investments Group Ltd. raised its position in shares of LogMein by 73.0% during the 1st quarter. Russell Investments Group Ltd. now owns 106,589 shares of the software maker’s stock worth $10,394,000 after purchasing an additional 44,969 shares during the period. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of LogMein during the 1st quarter worth approximately $252,000. State Board of Administration of Florida Retirement System raised its position in shares of LogMein by 94.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 28,953 shares of the software maker’s stock worth $2,823,000 after purchasing an additional 14,074 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its position in shares of LogMein by 73.9% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 9,751 shares of the software maker’s stock worth $951,000 after purchasing an additional 4,145 shares during the period. Institutional investors and hedge funds own 95.69% of the company’s stock.
A number of analysts have recently weighed in on LOGM shares. Royal Bank Of Canada reiterated a “buy” rating and set a $140.00 price target on shares of LogMein in a research report on Monday, September 4th. KeyCorp upgraded LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price target on the stock in a research report on Friday, July 28th. BidaskClub upgraded LogMein from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Cowen and Company reiterated a “buy” rating and set a $134.00 price target on shares of LogMein in a research report on Friday, September 1st. Finally, Piper Jaffray Companies reiterated an “overweight” rating and set a $150.00 price target on shares of LogMein in a research report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $131.85.
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In other news, Director Steven J. Benson sold 3,016 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $111.60, for a total value of $336,585.60. Following the completion of the transaction, the director now owns 1,787 shares of the company’s stock, valued at approximately $199,429.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher Battles sold 721 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $117.78, for a total transaction of $84,919.38. Following the completion of the transaction, the insider now directly owns 2,036 shares of the company’s stock, valued at approximately $239,800.08. The disclosure for this sale can be found here. Insiders have sold a total of 69,319 shares of company stock valued at $7,922,367 in the last ninety days. Company insiders own 2.50% of the company’s stock.
LogMein, Inc. (LOGM) traded down 0.31% during midday trading on Friday, hitting $111.20. The stock had a trading volume of 650,664 shares. The stock’s 50-day moving average is $113.77 and its 200-day moving average is $108.51. LogMein, Inc. has a one year low of $86.22 and a one year high of $123.95. The company’s market cap is $5.86 billion.
LogMein (NASDAQ:LOGM) last released its earnings results on Thursday, July 27th. The software maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates 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 previous year, the business earned $0.49 EPS. The business’s quarterly revenue was up 220.6% compared to the same quarter last year. Equities analysts predict that LogMein, Inc. will post $4.05 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Wednesday, August 9th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date was Monday, August 7th. LogMein’s dividend payout ratio is presently -909.01%.
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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