Garelick Capital Partners LP Raises Position in LogMein, Inc. (LOGM)

Garelick Capital Partners LP boosted its stake in shares of LogMein, Inc. (NASDAQ:LOGM) by 18.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 243,449 shares of the software maker’s stock after buying an additional 37,182 shares during the period. LogMein comprises about 5.3% of Garelick Capital Partners LP’s holdings, making the stock its 5th largest position. Garelick Capital Partners LP owned approximately 0.46% of LogMein worth $23,736,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Northern Trust Corp raised its stake in shares of LogMein by 0.6% in the third quarter. Northern Trust Corp now owns 357,546 shares of the software maker’s stock worth $32,318,000 after buying an additional 2,264 shares during the last quarter. Jane Street Group LLC bought a new stake in LogMein during the third quarter worth $619,000. 1832 Asset Management L.P. bought a new stake in LogMein during the third quarter worth $1,202,000. Chartwell Investment Partners LLC bought a new stake in LogMein during the third quarter worth $29,610,000. Finally, Verition Fund Management LLC purchased a new position in shares of LogMein during the third quarter worth approximately $1,290,000. 97.45% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for LogMein (NASDAQ:LOGM)

LogMein, Inc. (LOGM) traded down 2.06% during midday trading on Tuesday, reaching $109.40. 153,883 shares of the company traded hands. The firm has a 50 day moving average of $112.46 and a 200-day moving average of $103.53. LogMein, Inc. has a 12 month low of $57.81 and a 12 month high of $123.95. The stock’s market capitalization is $5.76 billion.

LogMein (NASDAQ:LOGM) last issued its earnings results on Thursday, May 4th. The software maker reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.09. The firm had revenue of $201.10 million during the quarter, compared to the consensus estimate of $195.74 million. LogMein had a positive return on equity of 5.66% and a negative net margin of 3.35%. The business’s quarterly revenue was up 152.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Analysts forecast that LogMein, Inc. will post $3.87 EPS for the current fiscal year.

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Several research firms have issued reports on LOGM. TheStreet upgraded shares of LogMein from a “c” rating to a “b-” rating in a research note on Wednesday, April 19th. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of LogMein in a report on Friday, March 10th. BidaskClub cut shares of LogMein from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Zacks Investment Research cut shares of LogMein from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 3rd. Finally, Cowen and Company increased their target price on shares of LogMein from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. LogMein presently has an average rating of “Buy” and an average target price of $115.30.

In other LogMein news, SVP James Lok sold 640 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $116.05, for a total transaction of $74,272.00. Following the transaction, the senior vice president now directly owns 3,709 shares in the company, valued at approximately $430,429.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Raymond Wagner sold 8,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $113.94, for a total value of $996,975.00. Following the transaction, the chief executive officer now directly owns 53,953 shares in the company, valued at $6,147,404.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,081 shares of company stock worth $12,073,839. Company insiders own 2.50% of the company’s stock.

LogMein Company Profile

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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