Zacks Investment Research upgraded shares of LogMeIn (NASDAQ:LOGM) from a hold rating to a strong-buy rating in a research report report published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $81.00 price objective on the software maker’s stock.
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.”
Other analysts also recently issued reports about the company. TheStreet downgraded LogMeIn from a b rating to a c rating in a report on Friday, April 26th. Barclays downgraded LogMeIn from an overweight rating to an underweight rating and decreased their price target for the stock from $104.00 to $74.00 in a report on Friday, April 12th. Robert W. Baird set a $85.00 price target on LogMeIn and gave the stock a hold rating in a report on Friday, July 26th. Northland Securities reiterated a buy rating on shares of LogMeIn in a report on Friday, July 26th. Finally, BidaskClub downgraded LogMeIn from a hold rating to a sell rating in a report on Tuesday. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. LogMeIn presently has a consensus rating of Hold and a consensus price target of $93.67.
LogMeIn (NASDAQ:LOGM) last announced its earnings results on Thursday, July 25th. The software maker reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.05. The business had revenue of $313.10 million during the quarter, compared to analyst estimates of $310.98 million. LogMeIn had a return on equity of 7.44% and a net margin of 1.82%. LogMeIn’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $1.32 EPS. On average, research analysts anticipate that LogMeIn will post 4.02 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Wednesday, August 7th will be issued a dividend of $0.325 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $1.30 dividend on an annualized basis and a yield of 1.70%. LogMeIn’s payout ratio is currently 28.57%.
In other LogMeIn news, Director Michael K. Simon sold 22,500 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $75.79, for a total transaction of $1,705,275.00. Following the completion of the sale, the director now directly owns 504,753 shares in the company, valued at approximately $38,255,229.87. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Icon Wealth Partners LLC acquired a new stake in shares of LogMeIn in the 1st quarter valued at about $39,000. Flagship Harbor Advisors LLC grew its stake in shares of LogMeIn by 59.3% in the 1st quarter. Flagship Harbor Advisors LLC now owns 567 shares of the software maker’s stock valued at $45,000 after buying an additional 211 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of LogMeIn in the 1st quarter valued at about $91,000. Cerebellum GP LLC acquired a new stake in shares of LogMeIn in the 1st quarter valued at about $117,000. Finally, Pearl River Capital LLC acquired a new stake in shares of LogMeIn in the 1st quarter valued at about $124,000. Institutional investors own 97.34% 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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