Los Angeles Capital Management & Equity Research Inc. Raises Stake in LogMein, Inc. (LOGM)
Los Angeles Capital Management & Equity Research Inc. grew its position in LogMein, Inc. (NASDAQ:LOGM) by 73.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,785 shares of the software maker’s stock after buying an additional 26,676 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned 0.12% of LogMein worth $6,909,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of LOGM. Creative Planning boosted its holdings in LogMein by 0.3% in the second quarter. Creative Planning now owns 1,147 shares of the software maker’s stock valued at $120,000 after purchasing an additional 3 shares during the period. Reliance Trust Co. of Delaware purchased a new position in LogMein in the third quarter valued at $201,000. American Capital Management Inc. purchased a new position in LogMein in the second quarter valued at $203,000. Osborn Williams & Donohoe LLC purchased a new position in LogMein in the second quarter valued at $203,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in LogMein in the second quarter valued at $208,000. 95.39% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently issued reports on LOGM. Barclays PLC lifted their target price on LogMein from $132.00 to $142.00 and gave the company an “overweight” rating in a report on Friday, October 27th. Cowen and Company reiterated a “buy” rating and issued a $145.00 target price on shares of LogMein in a report on Sunday, October 29th. Piper Jaffray Companies reiterated a “buy” rating and issued a $170.00 target price on shares of LogMein in a report on Tuesday, October 24th. Zacks Investment Research upgraded LogMein from a “hold” rating to a “buy” rating and set a $135.00 target price for the company in a report on Wednesday, November 1st. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $140.00 price target on shares of LogMein in a report on Monday, September 4th. One research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $135.96.
In other news, Director Steven J. Benson sold 3,016 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $111.60, for a total value of $336,585.60. Following the completion of the sale, the director now directly owns 1,787 shares of the company’s stock, valued at approximately $199,429.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Battles sold 1,136 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $119.43, for a total value of $135,672.48. Following the completion of the sale, the insider now directly owns 2,760 shares of the company’s stock, valued at $329,626.80. The disclosure for this sale can be found here. Insiders sold a total of 24,152 shares of company stock valued at $2,710,858 over the last three months. Company insiders own 2.50% of the company’s stock.
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Shares of LogMein, Inc. (NASDAQ LOGM) opened at $116.40 on Monday. The stock has a market capitalization of $6,127.02, a PE ratio of 43.43, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. LogMein, Inc. has a fifty-two week low of $90.35 and a fifty-two week high of $129.51.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.05. LogMein had a return on equity of 5.50% and a net margin of 1.01%. The company had revenue of $269.30 million during the quarter, compared to the consensus estimate of $270.56 million. During the same period in the previous year, the business earned $0.56 EPS. LogMein’s revenue for the quarter was up 216.5% on a year-over-year basis. analysts predict that LogMein, Inc. will post 3.28 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Wednesday, November 8th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Tuesday, November 7th. LogMein’s payout ratio is currently 909.17%.
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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