LogMeIn (LOGM) Downgraded to “Hold” at Zacks Investment Research

LogMeIn (NASDAQ:LOGM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “LogMeIn delivered strong first-quarter 2019 results with better-than-expected earnings and revenues. The company benefited from a sturdy product portfolio comprising Jive, Bold360 ai and LastPass. Good renewal performance in the company’s remote access space, which consists of Pro, Central and GoToMyPC, is also encouraging. Digital evolution and the company’s adoption of artificial intelligence-based solutions to enhance customer relations are a tailwind. Investments in the GoTo brand as well as in boosting sales capacity will drive the company’s future performance. The newly launched GoToConnect and GoToRoom products also make the management optimistic. However, exorbitant expenses on sales and marketing weigh on the company’s bottom line. Intensifying competition from Adobe Connect, Google and Microsoft Skype put a dampener on the company. Its shares have lagged the industry year to date.”

Several other equities analysts have also recently issued reports on the stock. BidaskClub cut shares of LogMeIn from a “buy” rating to a “hold” rating in a research note on Monday. TheStreet cut shares of LogMeIn from a “b” rating to a “c” rating in a research note on Friday, April 26th. Northland Securities restated a “buy” rating and set a $125.00 target price on shares of LogMeIn in a research note on Friday, April 26th. Barclays cut shares of LogMeIn from an “overweight” rating to an “underweight” rating and lowered their target price for the company from $104.00 to $74.00 in a research note on Friday, April 12th. Finally, ValuEngine cut shares of LogMeIn from a “hold” rating to a “sell” rating in a research note on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. LogMeIn currently has an average rating of “Hold” and a consensus target price of $94.90.

LOGM traded up $0.15 during midday trading on Tuesday, hitting $75.50. 31,368 shares of the company traded hands, compared to its average volume of 779,470. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market capitalization of $3.85 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.60 and a beta of 1.02. LogMeIn has a 52 week low of $74.87 and a 52 week high of $114.45.

LogMeIn (NASDAQ:LOGM) last posted its earnings results on Thursday, April 25th. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.27. The business had revenue of $307.70 million for the quarter, compared to analysts’ expectations of $305.57 million. LogMeIn had a net margin of 2.89% and a return on equity of 7.68%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.21 EPS. Research analysts forecast that LogMeIn will post 3.86 EPS for the current fiscal year.

In other news, Director Michael K. Simon sold 22,500 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $81.17, for a total transaction of $1,826,325.00. Following the completion of the sale, the director now owns 547,074 shares of the company’s stock, valued at approximately $44,405,996.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 67,500 shares of company stock valued at $5,505,300 in the last ninety days. Insiders own 2.40% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Icon Wealth Partners LLC purchased a new stake in shares of LogMeIn during the 1st quarter valued at about $39,000. Flagship Harbor Advisors LLC increased its position in shares of LogMeIn by 59.3% during the 1st quarter. Flagship Harbor Advisors LLC now owns 567 shares of the software maker’s stock valued at $45,000 after purchasing an additional 211 shares during the last quarter. IFP Advisors Inc increased its position in shares of LogMeIn by 853.7% during the 4th quarter. IFP Advisors Inc now owns 782 shares of the software maker’s stock valued at $63,000 after purchasing an additional 700 shares during the last quarter. Cresset Asset Management LLC purchased a new stake in shares of LogMeIn during the 1st quarter valued at about $64,000. Finally, Enlightenment Research LLC purchased a new stake in shares of LogMeIn during the 4th quarter valued at about $65,000. 97.95% of the stock is owned by hedge funds and other institutional investors.

About LogMeIn

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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