ProShare Advisors LLC decreased its position in LogMein, Inc. (NASDAQ:LOGM) by 64.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,642 shares of the software maker’s stock after selling 6,703 shares during the quarter. ProShare Advisors LLC’s holdings in LogMein were worth $381,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in LOGM. UBS Asset Management Americas Inc. lifted its stake in LogMein by 69.6% in the first quarter. UBS Asset Management Americas Inc. now owns 256,018 shares of the software maker’s stock valued at $24,962,000 after buying an additional 105,092 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of LogMein during the first quarter valued at about $243,000. Envestnet Asset Management Inc. raised its stake in shares of LogMein by 656.1% during the first quarter. Envestnet Asset Management Inc. now owns 5,111 shares of the software maker’s stock valued at $498,000 after purchasing an additional 4,435 shares in the last quarter. M&T Bank Corp bought a new stake in shares of LogMein during the first quarter valued at about $202,000. Finally, JPMorgan Chase & Co. raised its stake in shares of LogMein by 118.8% during the first quarter. JPMorgan Chase & Co. now owns 202,198 shares of the software maker’s stock valued at $19,713,000 after purchasing an additional 109,796 shares in the last quarter. 95.41% of the stock is owned by institutional investors and hedge funds.
In other LogMein news, Director Steven J. Benson sold 3,016 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $111.60, for a total value of $336,585.60. Following the completion of the sale, the director now directly owns 1,787 shares in the company, valued at $199,429.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher Battles sold 721 shares of LogMein stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $117.78, for a total transaction of $84,919.38. Following the transaction, the insider now owns 2,036 shares of the company’s stock, valued at $239,800.08. The disclosure for this sale can be found here. Insiders sold 69,319 shares of company stock worth $7,922,367 over the last three months. 2.50% of the stock is owned by insiders.
Several brokerages have commented on LOGM. Piper Jaffray Companies reissued an “overweight” rating and issued a $170.00 price target on shares of LogMein in a research note on Wednesday, August 9th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $140.00 target price on shares of LogMein in a research note on Monday, September 4th. Cowen and Company reaffirmed an “outperform” rating and set a $134.00 target price (up previously from $130.00) on shares of LogMein in a research note on Sunday, July 30th. Robert W. Baird reiterated a “hold” rating and set a $130.00 price target on shares of LogMein in a report on Friday, September 1st. Finally, BidaskClub lowered LogMein from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $131.85.
Shares of LogMein, Inc. (LOGM) opened at 116.50 on Tuesday. The company’s market capitalization is $6.14 billion. LogMein, Inc. has a 12 month low of $86.22 and a 12 month high of $123.95. The firm has a 50-day moving average price of $112.60 and a 200-day moving average price of $110.93.
LogMein (NASDAQ:LOGM) last posted its earnings results 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 company had revenue of $266.95 million for the quarter, compared to analysts’ expectations of $264.95 million. LogMein had a positive return on equity of 5.42% and a negative net margin of 0.41%. LogMein’s quarterly revenue was up 220.6% on a year-over-year basis. During the same period last year, the firm earned $0.49 earnings per share. On average, equities research analysts predict that LogMein, Inc. will post $4.05 EPS for the current year.
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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