LogMeIn (LOGM) Lowered to “Hold” at Zacks Investment Research

LogMeIn (NASDAQ:LOGM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

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. “

Other research analysts have also recently issued reports about the stock. Robert W. Baird reissued a “hold” rating and set a $130.00 price target on shares of LogMeIn in a research report on Friday, September 1st. Barclays lifted their price target on shares of LogMeIn from $132.00 to $142.00 and gave the company an “overweight” rating in a research report on Friday, October 27th. Oppenheimer reaffirmed a “hold” rating on shares of LogMeIn in a report on Wednesday, December 20th. Needham & Company LLC decreased their target price on shares of LogMeIn from $135.00 to $130.00 and set a “buy” rating for the company in a report on Wednesday, December 20th. Finally, Cowen reaffirmed a “buy” rating and issued a $145.00 target price on shares of LogMeIn in a report on Sunday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. LogMeIn has a consensus rating of “Buy” and a consensus price target of $136.52.

Shares of LogMeIn (NASDAQ LOGM) opened at $114.60 on Thursday. The firm has a market cap of $6,010.00, a PE ratio of 1,041.82, a PEG ratio of 1.98 and a beta of 1.28. LogMeIn has a 52 week low of $90.35 and a 52 week high of $129.51.

LogMeIn (NASDAQ:LOGM) last announced its earnings results on Thursday, October 26th. The software maker reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.05. The firm had revenue of $269.30 million for 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 revenue for the quarter was up 216.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 EPS. equities analysts predict that LogMeIn will post 3.28 earnings per share for the current year.

In other news, insider Christopher Battles sold 1,136 shares of LogMeIn stock in a transaction that occurred on 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 in the company, valued at $329,626.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.50% of the company’s stock.

Several hedge funds have recently made changes to their positions in LOGM. Reliance Trust Co. of Delaware bought a new stake in LogMeIn during the third quarter valued at approximately $201,000. Stephens Inc. AR bought a new stake in LogMeIn during the third quarter valued at approximately $202,000. Dorsey & Whitney Trust CO LLC bought a new stake in LogMeIn during the second quarter valued at approximately $208,000. BB&T Securities LLC bought a new stake in LogMeIn during the second quarter valued at approximately $210,000. Finally, M&T Bank Corp grew its position in LogMeIn by 1.8% during the second quarter. M&T Bank Corp now owns 2,104 shares of the software maker’s stock valued at $219,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 99.25% of the company’s stock.

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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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