Balyasny Asset Management LLC lowered its holdings in LogMein, Inc. (NASDAQ:LOGM) by 97.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,100 shares of the software maker’s stock after selling 85,958 shares during the quarter. Balyasny Asset Management LLC’s holdings in LogMein were worth $219,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Penserra Capital Management LLC increased its holdings in shares of LogMein by 316.8% in the 2nd quarter. Penserra Capital Management LLC now owns 8,224 shares of the software maker’s stock valued at $104,000 after acquiring an additional 6,251 shares during the last quarter. Creative Planning increased its holdings in shares of LogMein by 0.3% in the 2nd quarter. Creative Planning now owns 1,147 shares of the software maker’s stock valued at $120,000 after acquiring an additional 3 shares during the last quarter. Osborn Williams & Donohoe LLC purchased a new position in shares of LogMein in the 2nd quarter valued at about $203,000. American Capital Management Inc. purchased a new position in shares of LogMein in the 2nd quarter valued at about $203,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in shares of LogMein in the 2nd quarter valued at about $208,000. Institutional investors and hedge funds own 95.41% of the company’s stock.
A number of research firms have recently commented on LOGM. Royal Bank Of Canada reiterated a “buy” rating and issued a $140.00 price objective on shares of LogMein in a report on Monday, September 4th. Piper Jaffray Companies restated an “overweight” rating and set a $170.00 price target on shares of LogMein in a research note on Wednesday, August 9th. Cowen and Company restated an “outperform” rating and set a $134.00 price target (up previously from $130.00) on shares of LogMein in a research note on Sunday, July 30th. Robert W. Baird restated a “hold” rating and set a $130.00 price target on shares of LogMein in a research note on Friday, September 1st. Finally, BidaskClub downgraded LogMein from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $131.85.
Shares of LogMein, Inc. (LOGM) opened at 119.15 on Friday. The stock has a 50 day moving average price of $113.25 and a 200 day moving average price of $111.44. LogMein, Inc. has a 12-month low of $86.22 and a 12-month high of $123.95. The firm’s market capitalization is $6.28 billion.
LogMein (NASDAQ:LOGM) last issued its quarterly earnings data on Thursday, July 27th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.08. LogMein had a positive return on equity of 5.42% and a negative net margin of 0.41%. The business had revenue of $266.95 million during the quarter, compared to analyst estimates of $264.95 million. During the same period in the prior year, the company posted $0.49 EPS. The business’s revenue for the quarter was up 220.6% compared to the same quarter last year. Analysts predict that LogMein, Inc. will post $4.05 EPS for the current fiscal year.
In other LogMein news, CEO William Raymond Wagner sold 4,588 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $116.30, for a total value of $533,584.40. Following the completion of the sale, the chief executive officer now directly owns 69,542 shares in the company, valued at $8,087,734.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven J. Benson sold 3,016 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was 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 owns 1,787 shares of the company’s stock, valued at $199,429.20. The disclosure for this sale can be found here. Insiders sold a total of 69,319 shares of company stock valued at $7,922,367 over the last three months. Corporate insiders own 2.50% of the company’s stock.
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.
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