LogMeIn (LOGM) Cut to “Sell” at Zacks Investment Research
LogMeIn (NASDAQ:LOGM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “LogMeIn Inc., with world headquarters located near Boston in Woburn, Massachusetts, is a leading provider of on-demand, remote-connectivity and support solutions to small businesses, IT service providers and consumers. The company also has its European headquarters in Amsterdam, the Netherlands, and a development center in Budapest, Hungary. LogMeIn’s software-as-a-service suite of solutions includes capabilities for on-demand customer support of PCs, smartphones and other devices, systems administration, remote access, remote control, file-sharing, virtual private networking, data back-up and online meeting. Its solutions, which are deployed on-demand and accessible through a Web browser, are secure, scalable and easy for its customers to try, purchase and use. The company’s vision is to improve mobility, business productivity and connectivity through its Connectivity as a ServiceSM solutions. “
Several other equities analysts have also issued reports on LOGM. Barclays lifted their price target on LogMeIn from $132.00 to $142.00 and gave the company an “overweight” rating in a research note on Friday, October 27th. Oppenheimer reiterated a “hold” rating on shares of LogMeIn in a research note on Wednesday, December 20th. Needham & Company LLC decreased their price target on LogMeIn from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Wednesday, December 20th. Cowen reiterated a “buy” rating and issued a $145.00 price target on shares of LogMeIn in a research note on Sunday, October 29th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $170.00 price target on shares of LogMeIn in a research note on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $136.52.
LogMeIn (NASDAQ:LOGM) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $1.16 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 firm had revenue of $269.30 million for the quarter, compared to analyst estimates of $270.56 million. During the same quarter last year, the company earned $0.56 EPS. The company’s revenue was up 216.5% on a year-over-year basis. equities analysts forecast that LogMeIn will post 3.28 earnings per share for the current year.
In related news, insider Christopher Battles sold 1,136 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $119.43, for a total transaction of $135,672.48. Following the sale, the insider now owns 2,760 shares of the company’s stock, valued at approximately $329,626.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Reliance Trust Co. of Delaware acquired a new stake in shares of LogMeIn during the 3rd quarter valued at $201,000. Stephens Inc. AR acquired a new stake in shares of LogMeIn during the 3rd quarter valued at $202,000. Dorsey & Whitney Trust CO LLC acquired a new stake in shares of LogMeIn during the 2nd quarter valued at $208,000. BB&T Securities LLC acquired a new stake in shares of LogMeIn during the 2nd quarter valued at $210,000. Finally, M&T Bank Corp lifted its holdings in LogMeIn by 1.8% during the 2nd quarter. M&T Bank Corp now owns 2,104 shares of the software maker’s stock worth $219,000 after buying an additional 37 shares during the period. 99.25% of the stock is currently owned by institutional investors.
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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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