Elk Creek Partners LLC Sells 1,571 Shares of LogMeIn Inc (LOGM)
Elk Creek Partners LLC lessened its stake in LogMeIn Inc (NASDAQ:LOGM) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 122,063 shares of the software maker’s stock after selling 1,571 shares during the period. Elk Creek Partners LLC owned about 0.23% of LogMeIn worth $14,104,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LOGM. Wells Fargo & Company MN grew its position in shares of LogMeIn by 31.8% in the 4th quarter. Wells Fargo & Company MN now owns 2,005,473 shares of the software maker’s stock valued at $229,626,000 after buying an additional 483,790 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of LogMeIn by 30.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,915,622 shares of the software maker’s stock valued at $219,338,000 after buying an additional 446,395 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of LogMeIn in the 4th quarter valued at about $41,777,000. TIAA CREF Investment Management LLC grew its position in shares of LogMeIn by 46.5% in the 4th quarter. TIAA CREF Investment Management LLC now owns 531,590 shares of the software maker’s stock valued at $60,867,000 after buying an additional 168,849 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of LogMeIn by 357.9% in the 4th quarter. Macquarie Group Ltd. now owns 173,911 shares of the software maker’s stock valued at $19,906,000 after buying an additional 135,931 shares during the last quarter. Hedge funds and other institutional investors own 99.84% of the company’s stock.
Several equities research analysts recently commented on LOGM shares. Zacks Investment Research upgraded LogMeIn from a “sell” rating to a “hold” rating in a research report on Wednesday, February 21st. KeyCorp started coverage on LogMeIn in a research report on Friday, April 6th. They set an “overweight” rating and a $135.00 target price on the stock. ValuEngine upgraded LogMeIn from a “sell” rating to a “hold” rating in a research report on Thursday, May 3rd. BidaskClub upgraded LogMeIn from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 10th. Finally, Needham & Company LLC upped their target price on LogMeIn from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $142.56.
LogMeIn (NASDAQ:LOGM) last announced its quarterly earnings results on Thursday, April 26th. The software maker reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.03. The business had revenue of $280.30 million for the quarter, compared to analyst estimates of $277.43 million. LogMeIn had a return on equity of 6.31% and a net margin of 13.67%. The company’s quarterly revenue was up 39.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 earnings per share. research analysts forecast that LogMeIn Inc will post 4.15 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 25th. Shareholders of record on Wednesday, May 9th were issued a $0.30 dividend. The ex-dividend date was Tuesday, May 8th. This represents a $1.20 annualized dividend and a yield of 1.11%. LogMeIn’s payout ratio is currently 35.82%.
In other LogMeIn news, insider W. Sean Ford sold 8,750 shares of the stock in a transaction that occurred on Tuesday, May 1st. The stock was sold at an average price of $110.03, for a total value of $962,762.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael K. Simon sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 1st. The stock was sold at an average price of $110.03, for a total value of $2,200,600.00. Following the completion of the transaction, the director now owns 738,171 shares in the company, valued at approximately $81,220,955.13. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,244 shares of company stock worth $11,975,971. Corporate insiders own 2.50% of the company’s stock.
LogMeIn Company Profile
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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