Mackay Shields LLC Sells 80,137 Shares of LogMeIn Inc (NASDAQ:LOGM)

Mackay Shields LLC trimmed its position in LogMeIn Inc (NASDAQ:LOGM) by 39.4% during the third quarter, HoldingsChannel.com reports. The firm owned 123,368 shares of the software maker’s stock after selling 80,137 shares during the quarter. Mackay Shields LLC’s holdings in LogMeIn were worth $8,754,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of LOGM. Stonebridge Capital Advisors LLC bought a new stake in LogMeIn during the second quarter worth about $33,000. Quest Capital Management Inc. ADV bought a new stake in LogMeIn during the third quarter worth about $76,000. Cerebellum GP LLC raised its holdings in LogMeIn by 81.8% during the third quarter. Cerebellum GP LLC now owns 831 shares of the software maker’s stock worth $95,000 after acquiring an additional 374 shares in the last quarter. CSat Investment Advisory L.P. bought a new stake in LogMeIn during the second quarter worth about $100,000. Finally, Cresset Asset Management LLC raised its holdings in LogMeIn by 270.6% during the second quarter. Cresset Asset Management LLC now owns 2,954 shares of the software maker’s stock worth $218,000 after acquiring an additional 2,157 shares in the last quarter. Institutional investors own 95.81% of the company’s stock.

In other news, Director Steven J. Benson sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $66.96, for a total value of $66,960.00. Following the transaction, the director now owns 2,223 shares of the company’s stock, valued at $148,852.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter John Sacripanti sold 7,124 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $70.00, for a total value of $498,680.00. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.

Shares of LogMeIn stock traded up $0.08 on Friday, hitting $69.66. The stock had a trading volume of 1,562 shares, compared to its average volume of 547,994. LogMeIn Inc has a twelve month low of $62.02 and a twelve month high of $96.87. The business’s 50 day moving average is $68.48 and its two-hundred day moving average is $72.37. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 3.44 and a beta of 1.07.

LogMeIn (NASDAQ:LOGM) last posted its earnings results on Thursday, October 24th. The software maker reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. LogMeIn had a return on equity of 7.37% and a net margin of 1.20%. The company had revenue of $317.20 million for the quarter, compared to the consensus estimate of $316.29 million. During the same quarter in the prior year, the business earned $1.40 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities analysts predict that LogMeIn Inc will post 4.08 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Wednesday, November 13th will be given a $0.325 dividend. This represents a $1.30 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Tuesday, November 12th. LogMeIn’s payout ratio is 28.57%.

Several research firms recently issued reports on LOGM. Stephens reiterated an “equal weight” rating and set a $77.00 target price on shares of LogMeIn in a report on Thursday, August 22nd. Berenberg Bank initiated coverage on LogMeIn in a research note on Thursday, October 10th. They issued a “buy” rating and a $91.00 price objective on the stock. KeyCorp dropped their price objective on LogMeIn from $98.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Robert W. Baird set a $85.00 price objective on LogMeIn and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, ValuEngine upgraded LogMeIn from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. LogMeIn currently has an average rating of “Hold” and an average price target of $88.20.

LogMeIn 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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Institutional Ownership by Quarter for LogMeIn (NASDAQ:LOGM)

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