Summit Creek Advisors LLC Has $8.207 Million Stake in LogMeIn Inc (LOGM)
Summit Creek Advisors LLC increased its stake in LogMeIn Inc (NASDAQ:LOGM) by 177.9% during the first quarter, Holdings Channel reports. The institutional investor owned 84,175 shares of the software maker’s stock after buying an additional 53,885 shares during the period. Summit Creek Advisors LLC owned about 0.16% of LogMeIn worth $8,207,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Creative Planning increased its stake in shares of LogMeIn by 142.9% in the first quarter. Creative Planning now owns 1,144 shares of the software maker’s stock valued at $112,000 after buying an additional 673 shares in the last quarter. Asset Management One Co. Ltd. bought a new stake in shares of LogMeIn during the fourth quarter valued at $128,000. Advisor Group Inc. increased its stake in shares of LogMeIn by 77.3% in the third quarter. Advisor Group Inc. now owns 1,498 shares of the software maker’s stock valued at $135,000 after buying an additional 653 shares in the last quarter. Elkfork Partners LLC bought a new stake in shares of LogMeIn during the fourth quarter valued at $158,000. Finally, Westpac Banking Corp bought a new stake in shares of LogMeIn during the third quarter valued at $214,000.
Shares of LogMeIn Inc (NASDAQ:LOGM) traded down 0.14% on Friday, reaching $107.35. 440,665 shares of the company were exchanged. The stock has a 50 day moving average of $98.97 and a 200-day moving average of $98.63. LogMeIn Inc has a 52-week low of $50.80 and a 52-week high of $110.10. The company has a market capitalization of $5.64 billion, a P/E ratio of 1073.50 and a beta of 1.24.
LogMeIn (NASDAQ:LOGM) last announced its quarterly earnings data on Tuesday, February 28th. The software maker reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by $0.25. The firm had revenue of $88 million for the quarter, compared to analysts’ expectations of $87.37 million. LogMeIn had a net margin of 2.16% and a return on equity of 13.40%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 EPS. On average, analysts predict that LogMeIn Inc will post $3.75 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 26th. Investors of record on Wednesday, May 10th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Monday, May 8th.
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Several brokerages have weighed in on LOGM. TheStreet downgraded LogMeIn from a “b-” rating to a “c” rating in a research report on Monday, March 27th. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 target price (up from $70.00) on shares of LogMeIn in a research note on Sunday, February 5th. Cowen and Company raised shares of LogMeIn from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $115.00 in a research note on Friday, April 7th. Zacks Investment Research lowered shares of LogMeIn from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 29th. Finally, Needham & Company LLC reissued a “buy” rating and set a $110.00 target price on shares of LogMeIn in a research note on Friday, March 10th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $107.89.
In related news, CEO William Raymond Wagner sold 8,750 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $96.56, for a total transaction of $844,900.00. Following the transaction, the chief executive officer now owns 53,953 shares of the company’s stock, valued at $5,209,701.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Edward K. Herdiech sold 7,721 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $96.57, for a total transaction of $745,616.97. Following the transaction, the chief financial officer now directly owns 8,783 shares in the company, valued at approximately $848,174.31. The disclosure for this sale can be found here. Insiders have sold 86,471 shares of company stock worth $8,421,117 in the last three months. Insiders own 1.20% of the company’s stock.
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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