Zacks Investment Research Upgrades LogMein, Inc. (LOGM) to “Buy”

LogMein, Inc. (NASDAQ:LOGM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $135.00 target price on the software maker’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.52% from the stock’s current price.

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. “

LOGM has been the subject of several other reports. KeyCorp raised shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price target for the company in a research report on Friday, July 28th. Piper Jaffray Companies reissued a “buy” rating and set a $170.00 price target on shares of LogMein in a research report on Tuesday, October 24th. Northland Securities reissued a “buy” rating on shares of LogMein in a research report on Friday, July 28th. Cowen and Company reissued an “outperform” rating and set a $134.00 price target (up from $130.00) on shares of LogMein in a research report on Sunday, July 30th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $140.00 price target on shares of LogMein in a research report on Monday, September 4th. One equities research analyst has rated the stock with a sell rating and ten have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $135.96.

Shares of LogMein (NASDAQ:LOGM) opened at 121.05 on Wednesday. LogMein has a 1-year low of $90.35 and a 1-year high of $129.51. The company’s market capitalization is $6.38 billion. The firm’s 50-day moving average is $114.95 and its 200-day moving average is $112.58.

LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $1.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.05. The business had revenue of $269.30 million during the quarter, compared to analyst estimates of $270.56 million. LogMein had a net margin of 1.01% and a return on equity of 5.50%. The company’s quarterly revenue was up 216.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.56 earnings per share. Analysts forecast that LogMein will post $4.21 earnings per share for the current fiscal year.

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In related news, Director Michael K. Simon sold 20,000 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $116.33, for a total value of $2,326,600.00. Following the transaction, the director now owns 790,977 shares in the company, valued at approximately $92,014,354.41. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider W. Sean Ford sold 14,640 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $113.01, for a total transaction of $1,654,466.40. Following the completion of the transaction, the insider now owns 14,640 shares in the company, valued at approximately $1,654,466.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,244 shares of company stock worth $7,089,836. Corporate insiders own 2.50% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Creative Planning increased its holdings in LogMein by 0.3% in the 2nd quarter. Creative Planning now owns 1,147 shares of the software maker’s stock worth $120,000 after buying an additional 3 shares during the period. Renaissance Group LLC increased its holdings in LogMein by 0.9% in the 2nd quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock worth $360,000 after buying an additional 32 shares during the period. M&T Bank Corp increased its holdings in LogMein by 1.8% in 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. D.A. Davidson & CO. increased its holdings in LogMein by 1.5% in the 2nd quarter. D.A. Davidson & CO. now owns 4,127 shares of the software maker’s stock worth $431,000 after buying an additional 61 shares during the period. Finally, Advisor Group Inc. increased its holdings in LogMein by 4.0% in the 2nd quarter. Advisor Group Inc. now owns 3,236 shares of the software maker’s stock worth $335,000 after buying an additional 123 shares during the period. Institutional investors own 95.68% of the company’s stock.

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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