LogMeIn (LOGM) Cut to Hold at BidaskClub

LogMeIn (NASDAQ:LOGM) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday.

Other research analysts have also issued research reports about the company. Needham & Company LLC dropped their target price on LogMeIn from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Wednesday, December 20th. Zacks Investment Research upgraded LogMeIn from a “hold” rating to a “buy” rating and set a $135.00 target price for the company in a research report on Wednesday, November 1st. Cowen restated a “buy” rating and set a $145.00 target price on shares of LogMeIn in a research report on Sunday, October 29th. Piper Jaffray Companies restated a “buy” rating and set a $170.00 target price on shares of LogMeIn in a research report on Tuesday, October 24th. Finally, Oppenheimer restated a “hold” rating on shares of LogMeIn in a research report on Wednesday, December 20th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given 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) traded up $1.05 during trading hours on Friday, hitting $119.55. The company’s stock had a trading volume of 552,323 shares, compared to its average volume of 323,961. LogMeIn has a fifty-two week low of $90.35 and a fifty-two week high of $129.51. The stock has a market capitalization of $6,292.87, a price-to-earnings ratio of 1,086.92, a PEG ratio of 1.70 and a beta of 1.29.

LogMeIn (NASDAQ:LOGM) last announced its earnings results on Thursday, October 26th. The software maker reported $1.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.05. LogMeIn had a return on equity of 5.50% and a net margin of 1.01%. The business had revenue of $269.30 million during the quarter, compared to analyst estimates of $270.56 million. During the same quarter in the previous year, the business earned $0.56 earnings per share. The company’s revenue for the quarter was up 216.5% compared to the same quarter last year. equities research analysts predict that LogMeIn will post 3.28 earnings per share for the current year.

In related news, insider Christopher Battles sold 1,136 shares of the business’s stock in a transaction that occurred on 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 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 can be accessed through the SEC website. 2.50% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in LOGM. Franklin Resources Inc. boosted its holdings in shares of LogMeIn by 29.4% in the second quarter. Franklin Resources Inc. now owns 99,780 shares of the software maker’s stock valued at $10,427,000 after purchasing an additional 22,675 shares during the period. Amalgamated Bank raised its stake in LogMeIn by 46.0% in the second quarter. Amalgamated Bank now owns 10,440 shares of the software maker’s stock worth $1,091,000 after buying an additional 3,287 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in LogMeIn by 1.3% in the second quarter. PNC Financial Services Group Inc. now owns 26,016 shares of the software maker’s stock worth $2,718,000 after buying an additional 346 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in LogMeIn by 7.1% in the second quarter. Thrivent Financial For Lutherans now owns 10,650 shares of the software maker’s stock worth $1,113,000 after buying an additional 710 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in LogMeIn by 31.7% in the second quarter. New York State Common Retirement Fund now owns 117,632 shares of the software maker’s stock worth $12,293,000 after buying an additional 28,330 shares in the last quarter. 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.

Analyst Recommendations for LogMeIn (NASDAQ:LOGM)

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