Victory Capital Management Inc. lessened its holdings in LogMein, Inc. (NASDAQ:LOGM) by 5.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,194,585 shares of the software maker’s stock after selling 72,268 shares during the quarter. Victory Capital Management Inc. owned approximately 2.27% of LogMein worth $131,465,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Creative Planning boosted its stake in shares of LogMein by 0.3% in the 2nd 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 last quarter. Reliance Trust Co. of Delaware bought a new position in shares of LogMein in the 3rd quarter valued at about $201,000. American Capital Management Inc. bought a new position in shares of LogMein in the 2nd quarter valued at about $203,000. Osborn Williams & Donohoe LLC bought a new position in shares of LogMein in the 2nd quarter valued at about $203,000. Finally, Dorsey & Whitney Trust CO LLC bought a new position in shares of LogMein in the 2nd quarter valued at about $208,000. 95.68% of the stock is currently owned by institutional investors.
In other LogMein news, Director Michael K. Simon sold 20,000 shares of the stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $111.93, for a total value of $2,238,600.00. Following the completion of the transaction, the director now directly owns 765,579 shares of the company’s stock, valued at $85,691,257.47. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven J. Benson sold 3,016 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $111.60, for a total transaction of $336,585.60. Following the completion of the transaction, the director now directly owns 1,787 shares of the company’s stock, valued at $199,429.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,244 shares of company stock valued at $7,089,836. 2.50% of the stock is currently owned by corporate insiders.
Shares of LogMein, Inc. (NASDAQ LOGM) opened at 121.20 on Wednesday. The firm’s market capitalization is $6.39 billion. The company has a 50 day moving average of $114.95 and a 200-day moving average of $112.58. LogMein, Inc. has a 12 month low of $90.35 and a 12 month high of $129.51.
LogMein (NASDAQ:LOGM) last issued its earnings results on Thursday, October 26th. The software maker reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.05. LogMein had a net margin of 1.01% and a return on equity of 5.50%. The company had revenue of $269.30 million during the quarter, compared to analysts’ expectations of $270.56 million. During the same period last year, the company posted $0.56 earnings per share. The firm’s quarterly revenue was up 216.5% compared to the same quarter last year. Analysts predict that LogMein, Inc. will post $4.21 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Wednesday, November 8th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, November 7th. This represents a $1.00 dividend on an annualized basis and a yield of 0.83%. LogMein’s dividend payout ratio (DPR) is presently 909.17%.
Several research analysts have recently issued reports on the stock. KeyCorp raised shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 target price on the stock in a research note on Friday, July 28th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $170.00 target price on shares of LogMein in a research note on Tuesday, October 24th. Northland Securities reaffirmed a “buy” rating on shares of LogMein in a research note on Friday, July 28th. Zacks Investment Research raised shares of LogMein from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research note on Thursday, August 3rd. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $134.00 target price (up previously from $130.00) on shares of LogMein in a research note on Sunday, July 30th. One equities research analyst has rated the stock with a sell rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $135.96.
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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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