BT Investment Management Ltd Takes Position in LogMein, Inc. (LOGM)
BT Investment Management Ltd purchased a new stake in shares of LogMein, Inc. (NASDAQ:LOGM) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 6,299 shares of the software maker’s stock, valued at approximately $658,000.
A number of other institutional investors have also made changes to their positions in LOGM. BlackRock Inc. lifted its holdings in LogMein by 97,044.4% during the 1st quarter. BlackRock Inc. now owns 5,531,400 shares of the software maker’s stock valued at $539,312,000 after purchasing an additional 5,525,706 shares during the last quarter. Vanguard Group Inc. lifted its holdings in LogMein by 112.7% during the 1st quarter. Vanguard Group Inc. now owns 4,446,416 shares of the software maker’s stock valued at $433,525,000 after purchasing an additional 2,356,291 shares during the last quarter. FMR LLC lifted its holdings in LogMein by 129.0% during the 1st quarter. FMR LLC now owns 2,903,102 shares of the software maker’s stock valued at $283,052,000 after purchasing an additional 1,635,216 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in LogMein during the 1st quarter valued at $141,745,000. Finally, Elliott Management Corp acquired a new stake in LogMein during the 1st quarter valued at $118,804,000. 95.41% of the stock is owned by institutional investors and hedge funds.
In related news, CFO Edward K. Herdiech sold 6,354 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $117.66, for a total transaction of $747,611.64. Following the sale, the chief financial officer now directly owns 13,695 shares in the company, valued at approximately $1,611,353.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the director now owns 1,787 shares in the company, valued at $199,429.20. The disclosure for this sale can be found here. Insiders have sold a total of 69,319 shares of company stock worth $7,922,367 in the last ninety days. Insiders own 2.50% of the company’s stock.
Several brokerages have issued reports on LOGM. BidaskClub downgraded LogMein from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. 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 report on Thursday, August 3rd. Cowen and Company reaffirmed an “outperform” rating and set a $134.00 price target (up previously from $130.00) on shares of LogMein in a report on Sunday, July 30th. Robert W. Baird reaffirmed a “hold” rating and set a $130.00 price target on shares of LogMein in a report on Friday, September 1st. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $170.00 price target on shares of LogMein in a report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. LogMein presently has a consensus rating of “Buy” and an average target price of $131.85.
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LogMein (NASDAQ:LOGM) last issued its quarterly earnings results on Thursday, July 27th. The software maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. LogMein had a positive return on equity of 5.42% and a negative net margin of 0.41%. The firm had revenue of $266.95 million for the quarter, compared to analysts’ expectations of $264.95 million. During the same quarter in the prior year, the firm earned $0.49 EPS. The business’s revenue for the quarter was up 220.6% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders 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 0.90%. 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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