Trade Report: The Needham & Company LLC Boosts LogMein Inc. (LOGM) Price Target to $114.00

The Needham & Company LLC Boosts LogMein Inc. (LOGM) Price Target to $114.00

LogMein Inc. (NASDAQ:LOGM) had its price target lifted by Needham & Company LLC from $98.00 to $114.00 in a report issued on Friday. The firm presently has a “strong-buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 27.30% from the company’s previous close.

A number of other brokerages also recently issued reports on LOGM. TheStreet raised LogMein from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Barclays PLC raised LogMein from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $82.00 to $105.00 in a report on Monday, October 3rd. Cowen and Company downgraded LogMein from an “outperform” rating to a “market perform” rating and set a $63.00 target price for the company. in a report on Tuesday, July 5th. Zacks Investment Research downgraded LogMein from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Finally, JPMorgan Chase & Co. raised LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 target price for the company in a report on Wednesday, July 27th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $86.00.

Shares of LogMein (NASDAQ:LOGM) traded down 0.17% during trading on Friday, reaching $89.40. The company’s stock had a trading volume of 107,461 shares. The company has a 50 day moving average price of $89.49 and a 200 day moving average price of $69.89. LogMein has a 52 week low of $35.00 and a 52 week high of $95.99. The firm has a market capitalization of $2.26 billion, a P/E ratio of 175.64 and a beta of 1.37.

LogMein (NASDAQ:LOGM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.03. The company earned $83.30 million during the quarter, compared to the consensus estimate of $81.80 million. LogMein had a return on equity of 12.99% and a net margin of 4.29%. LogMein’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. On average, equities research analysts expect that LogMein will post $1.93 EPS for the current fiscal year.

In other news, SVP Michael J. Donahue sold 6,034 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $84.49, for a total transaction of $509,812.66. Following the sale, the senior vice president now owns 8,534 shares of the company’s stock, valued at approximately $721,037.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven G. Chambers sold 4,540 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $84.42, for a total value of $383,266.80. Following the sale, the director now directly owns 1,850 shares in the company, valued at approximately $156,177. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of LogMein by 2.8% in the second quarter. Vanguard Group Inc. now owns 1,956,927 shares of the company’s stock valued at $124,129,000 after buying an additional 54,131 shares during the period. BlackRock Fund Advisors raised its stake in shares of LogMein by 2.9% in the second quarter. BlackRock Fund Advisors now owns 1,593,213 shares of the company’s stock valued at $101,058,000 after buying an additional 44,931 shares during the period. FMR LLC raised its stake in shares of LogMein by 39.2% in the second quarter. FMR LLC now owns 1,111,447 shares of the company’s stock valued at $70,499,000 after buying an additional 313,112 shares during the period. Bank of New York Mellon Corp raised its stake in shares of LogMein by 7.1% in the second quarter. Bank of New York Mellon Corp now owns 942,144 shares of the company’s stock valued at $59,761,000 after buying an additional 62,193 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of LogMein by 43.0% in the first quarter. Renaissance Technologies LLC now owns 901,000 shares of the company’s stock valued at $45,464,000 after buying an additional 270,800 shares during the period.

About LogMein

Related posts

Leave a Comment