LogMeIn (NASDAQ:LOGM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $81.00 price objective on the software maker’s stock. Zacks Investment Research‘s target price indicates a potential upside of 7.76% from the company’s previous close.
According to Zacks, “LogMeIn delivered solid second-quarter results wherein both earnings and revenues surpassed expectations. Strong performance of the company’s growth products remains a key driver. The newly launched GoToConnect and GoToRoom products also make the management optimistic about the stock’s prospects. The expansion of its product portfolio coupled with its rising sales initiatives is expected to accelerate its growth momentum in major markets, namely UCC, IDaaS and Digital Engagement, going forward. However, increasing investments weigh on the company’s bottom line. Intensifying competition from Zoom, Adobe Connect, Google and Microsoft Skype raises concerns. Product consolidation and legacy pressures are anticipated to persist as a bane for Customer Engagement segment.”
LOGM has been the topic of a number of other research reports. Northland Securities reaffirmed a “buy” rating on shares of LogMeIn in a research report on Friday, July 26th. BidaskClub lowered shares of LogMeIn from a “hold” rating to a “sell” rating in a research report on Tuesday. Robert W. Baird set a $85.00 target price on shares of LogMeIn and gave the stock a “hold” rating in a research report on Friday, July 26th. Barclays lowered shares of LogMeIn from an “overweight” rating to an “underweight” rating and dropped their target price for the stock from $104.00 to $74.00 in a research report on Friday, April 12th. Finally, TheStreet lowered shares of LogMeIn from a “b” rating to a “c” rating in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $93.67.
LogMeIn (NASDAQ:LOGM) last released its quarterly earnings results on Thursday, July 25th. The software maker reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.05. LogMeIn had a net margin of 1.82% and a return on equity of 7.44%. The company had revenue of $313.10 million for the quarter, compared to analyst estimates of $310.98 million. During the same quarter last year, the firm posted $1.32 earnings per share. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, analysts expect that LogMeIn will post 4.02 EPS for the current fiscal year.
In other LogMeIn news, Director Michael K. Simon sold 22,500 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $75.79, for a total value of $1,705,275.00. Following the sale, the director now owns 504,753 shares of the company’s stock, valued at approximately $38,255,229.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.40% of the company’s stock.
Large investors have recently modified their holdings of the company. GAM Holding AG boosted its stake in shares of LogMeIn by 29.8% in the 1st quarter. GAM Holding AG now owns 12,470 shares of the software maker’s stock valued at $999,000 after purchasing an additional 2,860 shares in the last quarter. Comerica Bank lifted its position in LogMeIn by 0.7% during the 1st quarter. Comerica Bank now owns 34,849 shares of the software maker’s stock worth $2,908,000 after buying an additional 237 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in LogMeIn by 18.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 44,217 shares of the software maker’s stock worth $3,607,000 after buying an additional 6,746 shares in the last quarter. Wedge Capital Management L L P NC lifted its position in LogMeIn by 9.6% during the 1st quarter. Wedge Capital Management L L P NC now owns 6,403 shares of the software maker’s stock worth $513,000 after buying an additional 561 shares in the last quarter. Finally, Oakbrook Investments LLC lifted its position in LogMeIn by 45.8% during the 1st quarter. Oakbrook Investments LLC now owns 6,050 shares of the software maker’s stock worth $485,000 after buying an additional 1,900 shares in the last quarter. Institutional investors own 97.34% of the company’s stock.
LogMeIn, Inc provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. It enables people to connect with each other worldwide to drive meaningful interactions, deepen relationships, and create better outcomes for individuals and businesses.
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