LogMein, Inc. (NASDAQ:LOGM) Stock Rating Reaffirmed by Cowen and Company

LogMein, Inc. (NASDAQ:LOGM)‘s stock had its “outperform” rating reiterated by analysts at Cowen and Company in a research note issued to investors on Sunday, July 30th. They presently have a $134.00 price target on the software maker’s stock, up from their previous price target of $130.00. Cowen and Company’s price target points to a potential upside of 18.06% from the company’s previous close.

Several other research firms have also recently issued reports on LOGM. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $150.00 price objective on shares of LogMein in a research report on Friday, June 23rd. Zacks Investment Research lowered shares of LogMein from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. BidaskClub upgraded shares of LogMein from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. Vetr lowered shares of LogMein from a “hold” rating to a “sell” rating and set a $101.67 price objective on the stock. in a research note on Wednesday, April 26th. Finally, Needham & Company LLC restated a “buy” rating and issued a $125.00 price objective (up from $110.00) on shares of LogMein in a research note on Friday, May 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $127.74.

Shares of LogMein (LOGM) traded up 0.04% during trading on Friday, reaching $113.50. 296,444 shares of the company were exchanged. The firm has a 50-day moving average price of $112.29 and a 200-day moving average price of $106.70. LogMein has a 1-year low of $79.63 and a 1-year high of $123.95. The stock’s market capitalization is $5.98 billion.

LogMein (NASDAQ:LOGM) last released its quarterly earnings data on Thursday, July 27th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.08. The business had revenue of $266.95 million during the quarter, compared to analysts’ expectations of $264.95 million. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. The company’s revenue for the quarter was up 220.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.49 EPS. Equities research analysts predict that LogMein will post $4.06 earnings per share for the current fiscal year.

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In other LogMein news, insider Christopher Battles sold 721 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $117.78, for a total value of $84,919.38. Following the sale, the insider now owns 2,036 shares of the company’s stock, valued at $239,800.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael K. Simon sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $112.80, for a total transaction of $2,256,000.00. Following the completion of the transaction, the director now directly owns 800,102 shares of the company’s stock, valued at approximately $90,251,505.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 116,860 shares of company stock worth $13,258,245. 2.50% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of LOGM. BlackRock Inc. raised its position in shares of LogMein by 97,044.4% in the first quarter. BlackRock Inc. now owns 5,531,400 shares of the software maker’s stock valued at $539,312,000 after buying an additional 5,525,706 shares during the period. Vanguard Group Inc. raised its position in shares of LogMein by 112.7% in the first quarter. Vanguard Group Inc. now owns 4,446,416 shares of the software maker’s stock valued at $433,525,000 after buying an additional 2,356,291 shares during the period. FMR LLC raised its position in shares of LogMein by 129.0% in the first quarter. FMR LLC now owns 2,903,102 shares of the software maker’s stock valued at $283,052,000 after buying an additional 1,635,216 shares during the period. Clearbridge Investments LLC bought a new position in shares of LogMein during the first quarter valued at approximately $141,745,000. Finally, Elliott Management Corp acquired a new stake in LogMein during the first quarter valued at about $118,804,000. 97.39% of the stock is owned by hedge funds and other institutional investors.

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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