LogMeIn (NASDAQ:LOGM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “LogMeIn Inc., with world headquarters located near Boston in Woburn, Massachusetts, is a leading provider of on-demand, remote-connectivity and support solutions to small businesses, IT service providers and consumers. The company also has its European headquarters in Amsterdam, the Netherlands, and a development center in Budapest, Hungary. LogMeIn’s software-as-a-service suite of solutions includes capabilities for on-demand customer support of PCs, smartphones and other devices, systems administration, remote access, remote control, file-sharing, virtual private networking, data back-up and online meeting. Its solutions, which are deployed on-demand and accessible through a Web browser, are secure, scalable and easy for its customers to try, purchase and use. The company’s vision is to improve mobility, business productivity and connectivity through its Connectivity as a ServiceSM solutions. “
LOGM has been the subject of several other reports. Piper Jaffray Companies restated a “buy” rating and issued a $170.00 price objective on shares of LogMeIn in a research note on Tuesday, October 24th. Oppenheimer reaffirmed a “hold” rating on shares of LogMeIn in a report on Wednesday, December 20th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $140.00 target price 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 target price for the company in a report on Tuesday, October 3rd. Finally, Needham & Company LLC dropped their target price on shares of LogMeIn from $135.00 to $130.00 and set a “buy” rating for the company in a report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $136.52.
Shares of LogMeIn (NASDAQ:LOGM) opened at $114.50 on Thursday. The company has a market capitalization of $6,032.28, a price-to-earnings ratio of 1,041.00, a PEG ratio of 1.99 and a beta of 1.28. LogMeIn has a 12 month low of $90.35 and a 12 month high of $129.51.
LogMeIn (NASDAQ:LOGM) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $1.16 EPS for the quarter, topping the consensus estimate of $1.11 by $0.05. The firm had revenue of $269.30 million during the quarter, compared to analyst estimates of $270.56 million. LogMeIn had a return on equity of 5.50% and a net margin of 1.01%. LogMeIn’s revenue was up 216.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.56 EPS. analysts forecast that LogMeIn will post 3.28 EPS for the current year.
In other LogMeIn news, insider Christopher Battles sold 1,136 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $119.43, for a total transaction of $135,672.48. Following the completion of the transaction, the insider now owns 2,760 shares of the company’s stock, valued at approximately $329,626.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Group LLC boosted its holdings in shares of LogMeIn by 0.9% during the 2nd quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock valued at $360,000 after purchasing an additional 32 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of LogMeIn by 1.8% during the 2nd quarter. M&T Bank Corp now owns 2,104 shares of the software maker’s stock valued at $219,000 after purchasing an additional 37 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of LogMeIn by 1.5% during the 2nd quarter. D.A. Davidson & CO. now owns 4,127 shares of the software maker’s stock valued at $431,000 after purchasing an additional 61 shares during the last quarter. Advisor Group Inc. boosted its holdings in shares of LogMeIn by 4.0% during the 2nd quarter. Advisor Group Inc. now owns 3,236 shares of the software maker’s stock valued at $335,000 after purchasing an additional 123 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of LogMeIn by 9.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,140 shares of the software maker’s stock valued at $224,000 after purchasing an additional 189 shares during the last quarter. 99.25% of the stock is owned by institutional investors and hedge funds.
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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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