LogMeIn (LOGM) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of LogMeIn (NASDAQ:LOGM) from a sell rating to a buy rating in a report published on Thursday. They currently have $131.00 price target on the software maker’s stock.

According to Zacks, “LogMeIn Inc., with world headquarters located near Boston in Woburn, Massachusetts, is a leading provider of on-demand, remote-connectivity and support solutions to small businesses, IT service providers and consumers. The company also has its European headquarters in Amsterdam, the Netherlands, and a development center in Budapest, Hungary. LogMeIn’s software-as-a-service suite of solutions includes capabilities for on-demand customer support of PCs, smartphones and other devices, systems administration, remote access, remote control, file-sharing, virtual private networking, data back-up and online meeting. Its solutions, which are deployed on-demand and accessible through a Web browser, are secure, scalable and easy for its customers to try, purchase and use. The company’s vision is to improve mobility, business productivity and connectivity through its Connectivity as a ServiceSM solutions. “

A number of other brokerages have also recently issued reports on LOGM. BidaskClub upgraded LogMeIn from a buy rating to a strong-buy rating in a research note on Saturday, February 10th. KeyCorp initiated coverage on LogMeIn in a research note on Friday, April 6th. They set an overweight rating and a $135.00 price objective for the company. Needham & Company LLC lowered their price objective on LogMeIn from $135.00 to $130.00 and set a buy rating for the company in a research note on Wednesday, December 20th. Mizuho initiated coverage on LogMeIn in a research note on Monday, April 2nd. They set a buy rating and a $145.00 price objective for the company. Finally, Oppenheimer reiterated a hold rating on shares of LogMeIn in a research note on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $137.97.



Shares of NASDAQ LOGM traded down $1.10 during mid-day trading on Thursday, hitting $116.45. 60,492 shares of the stock traded hands, compared to its average volume of 537,314. LogMeIn has a 52 week low of $102.25 and a 52 week high of $134.80. The firm has a market capitalization of $6,163.27, a PE ratio of 35.09, a P/E/G ratio of 1.58 and a beta of 1.40.

LogMeIn (NASDAQ:LOGM) last announced its quarterly earnings data on Thursday, February 15th. The software maker reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.03. The business had revenue of $276.03 million during the quarter, compared to analysts’ expectations of $276.75 million. LogMeIn had a return on equity of 5.57% and a net margin of 10.06%. The firm’s quarterly revenue was up 213.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 earnings per share. research analysts predict that LogMeIn will post 4.25 EPS for the current year.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of LogMeIn by 1.6% in the fourth quarter. BlackRock Inc. now owns 4,383,540 shares of the software maker’s stock worth $501,914,000 after purchasing an additional 67,066 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of LogMeIn by 31.8% in the fourth quarter. Wells Fargo & Company MN now owns 2,005,473 shares of the software maker’s stock worth $229,626,000 after purchasing an additional 483,790 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of LogMeIn by 30.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,915,622 shares of the software maker’s stock worth $219,338,000 after purchasing an additional 446,395 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of LogMeIn by 8.5% in the fourth quarter. Alliancebernstein L.P. now owns 1,309,114 shares of the software maker’s stock worth $149,894,000 after purchasing an additional 103,056 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of LogMeIn by 6.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,274,465 shares of the software maker’s stock worth $145,926,000 after purchasing an additional 79,880 shares during the last quarter. Hedge funds and other institutional investors own 99.23% of the company’s stock.

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About LogMeIn

LogMeIn, Inc, together with its subsidiaries, provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions for individuals and businesses in the United States, the United Kingdom, and internationally. The company offers GoToMeeting, a secure product for online meetings, sales demonstrations, and collaborative gatherings; GoToTraining, a secure online training product for interactive training sessions; GoToConference, a video and audio conferencing solution; GoToWebinar, a do-it-yourself Webinar product for organizations; join.me, join.me pro, and join.me business, which are online meeting and screen sharing services; OpenVoice, a reservation-less audio conferencing service; and Grasshopper, a provider of telephony solutions.

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