LogMein, Inc. (LOGM) Shares Sold by Suntrust Banks Inc.
Suntrust Banks Inc. lessened its stake in LogMein, Inc. (NASDAQ:LOGM) by 5.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,416 shares of the software maker’s stock after selling 299 shares during the quarter. Suntrust Banks Inc.’s holdings in LogMein were worth $565,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Elliott Management Corp acquired a new position in shares of LogMein in the first quarter valued at approximately $118,804,000. Teachers Advisors LLC boosted its holdings in shares of LogMein by 48.6% in the first quarter. Teachers Advisors LLC now owns 348,029 shares of the software maker’s stock valued at $33,933,000 after buying an additional 113,746 shares during the period. Renaissance Group LLC boosted its holdings in shares of 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. Weiss Multi Strategy Advisers LLC acquired a new position in shares of LogMein in the first quarter valued at approximately $1,951,000. Finally, Neuberger Berman Group LLC boosted its holdings in shares of 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. Institutional investors own 95.41% of the company’s stock.
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LogMein, Inc. (NASDAQ:LOGM) opened at 116.00 on Monday. The company’s 50-day moving average is $112.10 and its 200 day moving average is $109.97. LogMein, Inc. has a one year low of $86.22 and a one year high of $123.95. The firm’s market cap is $6.12 billion.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings results on Thursday, July 27th. The software maker reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.08. The business had revenue of $266.95 million during the quarter, compared to analyst estimates of $264.95 million. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. LogMein’s quarterly revenue was up 220.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.49 EPS. Equities analysts anticipate that LogMein, Inc. will post $4.05 earnings per share for the current year.
In other LogMein news, 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 sale, the insider now owns 2,036 shares in the company, valued at approximately $239,800.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Edward K. Herdiech sold 6,354 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $117.66, for a total transaction of $747,611.64. Following the sale, the chief financial officer now owns 13,695 shares of the company’s stock, valued at approximately $1,611,353.70. 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 90 days. 2.50% of the stock is currently owned by company insiders.
LOGM has been the subject of several research analyst reports. BidaskClub cut shares of LogMein from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $150.00 price target on shares of LogMein in a report on Friday, June 23rd. Northland Securities reiterated a “buy” rating on shares of LogMein in a report on Friday, July 28th. KeyCorp upgraded shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price target for the company in a report on Friday, July 28th. Finally, Cowen and Company reiterated an “outperform” rating and issued a $134.00 price target (up previously from $130.00) on shares of LogMein in a report on Sunday, July 30th. 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. The stock presently has an average rating of “Buy” and a consensus target price of $131.85.
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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