Fred Alger Management Inc. decreased its position in LogMeIn Inc (NASDAQ:LOGM) by 53.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,265 shares of the software maker’s stock after selling 19,806 shares during the period. Fred Alger Management Inc.’s holdings in LogMeIn were worth $1,977,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wells Fargo & Company MN lifted its holdings in LogMeIn by 75.6% during the third quarter. Wells Fargo & Company MN now owns 1,521,683 shares of the software maker’s stock worth $167,461,000 after buying an additional 655,296 shares during the period. Bessemer Group Inc. lifted its holdings in LogMeIn by 346,435.8% during the fourth quarter. Bessemer Group Inc. now owns 571,784 shares of the software maker’s stock worth $65,470,000 after buying an additional 571,619 shares during the period. Bank of New York Mellon Corp lifted its holdings in LogMeIn by 30.4% during the fourth quarter. Bank of New York Mellon Corp now owns 1,915,622 shares of the software maker’s stock worth $219,338,000 after buying an additional 446,395 shares during the period. Mackenzie Financial Corp purchased a new stake in LogMeIn during the fourth quarter worth $41,777,000. Finally, JPMorgan Chase & Co. lifted its holdings in LogMeIn by 341.2% during the third quarter. JPMorgan Chase & Co. now owns 330,181 shares of the software maker’s stock worth $35,429,000 after buying an additional 255,338 shares during the period. Hedge funds and other institutional investors own 99.23% of the company’s stock.
Shares of LogMeIn Inc (LOGM) opened at $127.50 on Wednesday. LogMeIn Inc has a twelve month low of $92.72 and a twelve month high of $134.80. The company has a market capitalization of $6,698.06, a price-to-earnings ratio of 38.48, a PEG ratio of 1.82 and a beta of 1.41.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Monday, February 12th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.94%. This is an increase from LogMeIn’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, February 9th. LogMeIn’s dividend payout ratio is presently 67.42%.
A number of analysts have weighed in on LOGM shares. Zacks Investment Research lowered LogMeIn from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd. BidaskClub upgraded LogMeIn from a “hold” rating to a “buy” rating in a report on Tuesday, January 30th. Needham & Company LLC decreased their price objective on LogMeIn from $135.00 to $130.00 and set a “buy” rating for the company in a report on Wednesday, December 20th. Finally, Oppenheimer reiterated a “hold” rating on shares of LogMeIn in a report on Wednesday, December 20th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $137.63.
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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