LogMein (NASDAQ:LOGM) had its price target decreased by equities research analysts at Needham & Company LLC from $135.00 to $130.00 in a note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s target price indicates a potential upside of 11.35% from the company’s previous close.
A number of other research analysts also recently commented on the stock. Royal Bank of Canada reaffirmed a “buy” rating and issued a $140.00 price target on shares of LogMein in a report on Monday, September 4th. Robert W. Baird raised shares of LogMein from a “neutral” rating to an “outperform” rating and set a $130.00 price target for the company in a report on Tuesday, October 3rd. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $170.00 price target on shares of LogMein in a report on Tuesday, October 24th. Cowen reaffirmed a “buy” rating and issued a $134.00 price target on shares of LogMein in a report on Friday, September 1st. Finally, Zacks Investment Research raised shares of LogMein from a “hold” rating to a “buy” rating and set a $135.00 price target for the company in a report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating and ten have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $136.52.
LogMein (NASDAQ LOGM) opened at $116.75 on Wednesday. LogMein has a 1-year low of $90.35 and a 1-year high of $129.51. The company has a market cap of $6,340.21, a PE ratio of 44.94, a price-to-earnings-growth ratio of 2.10 and a beta of 1.28.
In other LogMein news, insider Christopher Battles sold 1,136 shares of the firm’s stock in a transaction dated 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 owns 2,760 shares of the company’s stock, valued at $329,626.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.50% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Group LLC lifted its stake in LogMein by 0.9% in the second quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock worth $360,000 after purchasing an additional 32 shares during the last quarter. M&T Bank Corp lifted its stake in LogMein by 1.8% in the second quarter. M&T Bank Corp now owns 2,104 shares of the software maker’s stock worth $219,000 after purchasing an additional 37 shares during the last quarter. D.A. Davidson & CO. lifted its stake in LogMein by 1.5% in the second quarter. D.A. Davidson & CO. now owns 4,127 shares of the software maker’s stock worth $431,000 after purchasing an additional 61 shares during the last quarter. Advisor Group Inc. lifted its stake in LogMein by 4.0% in the second quarter. Advisor Group Inc. now owns 3,236 shares of the software maker’s stock worth $335,000 after purchasing an additional 123 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in LogMein by 9.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,140 shares of the software maker’s stock worth $224,000 after purchasing an additional 189 shares during the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.
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About LogMein
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.
