Sit Investment Associates Inc. lifted its holdings in shares of LogMeIn Inc (NASDAQ:LOGM) by 48.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,900 shares of the software maker’s stock after acquiring an additional 11,980 shares during the quarter. Sit Investment Associates Inc.’s holdings in LogMeIn were worth $4,225,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Reliance Trust Co. of Delaware purchased a new stake in shares of LogMeIn during the third quarter worth about $201,000. Stephens Inc. AR purchased a new stake in shares of LogMeIn during the third quarter worth about $202,000. Dorsey & Whitney Trust CO LLC purchased a new stake in shares of LogMeIn during the second quarter worth about $208,000. M&T Bank Corp increased its position in shares of LogMeIn by 1.8% during the second quarter. M&T Bank Corp now owns 2,104 shares of the software maker’s stock worth $219,000 after acquiring an additional 37 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of LogMeIn by 9.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,140 shares of the software maker’s stock worth $224,000 after acquiring an additional 189 shares during the last quarter. 99.25% of the stock is currently owned by institutional investors and hedge funds.
Shares of LogMeIn Inc (NASDAQ:LOGM) opened at $121.00 on Friday. The firm has a market capitalization of $6,300.73, a PE ratio of 1,100.10, a P/E/G ratio of 1.70 and a beta of 1.29. LogMeIn Inc has a fifty-two week low of $90.35 and a fifty-two week high of $129.51.
LOGM has been the topic of a number of analyst reports. Cowen reaffirmed a “buy” rating and set a $145.00 target price on shares of LogMeIn in a research report on Sunday, October 29th. Zacks Investment Research raised LogMeIn from a “hold” rating to a “buy” rating and set a $135.00 target price on the stock in a research report on Wednesday, November 1st. Barclays lifted their target price on LogMeIn from $132.00 to $142.00 and gave the stock an “overweight” rating in a research report on Friday, October 27th. Needham & Company LLC dropped their target price on LogMeIn from $135.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, December 20th. Finally, Robert W. Baird raised LogMeIn from a “neutral” rating to an “outperform” rating and set a $130.00 target price on the stock in a research report on Tuesday, October 3rd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $136.52.
In related news, insider Christopher Battles sold 1,136 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was 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 of the company’s stock, valued at $329,626.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.50% of the stock is owned by insiders.
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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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