Mizuho Initiates Coverage on LogMeIn (LOGM)

Mizuho began coverage on shares of LogMeIn (NASDAQ:LOGM) in a research note issued on Monday, The Fly reports. The brokerage set a “buy” rating on the software maker’s stock.

Several other equities analysts have also weighed in on the stock. BidaskClub lowered shares of LogMeIn from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 28th. Zacks Investment Research lowered shares of LogMeIn from a “hold” rating to a “sell” rating in a report on Tuesday, February 27th. Needham & Company LLC upped their target price on shares of LogMeIn from $130.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Finally, Oppenheimer restated a “hold” rating on shares of LogMeIn in a report on Wednesday, December 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $137.63.

Shares of NASDAQ LOGM traded down $3.00 during trading on Monday, hitting $112.55. 587,305 shares of the company traded hands, compared to its average volume of 560,802. LogMeIn has a fifty-two week low of $95.60 and a fifty-two week high of $134.80. The firm has a market capitalization of $6,058.40, a P/E ratio of 33.60, a P/E/G ratio of 1.64 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 for the quarter, beating the consensus estimate of $1.17 by $0.03. LogMeIn had a net margin of 10.06% and a return on equity of 5.57%. The firm had revenue of $276.03 million for the quarter, compared to analyst estimates of $276.75 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. The business’s quarterly revenue was up 213.8% compared to the same quarter last year. sell-side analysts forecast that LogMeIn will post 4.02 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of LOGM. Zurcher Kantonalbank Zurich Cantonalbank grew its position in LogMeIn by 221.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,869 shares of the software maker’s stock worth $756,000 after purchasing an additional 4,729 shares in the last quarter. Nordea Investment Management AB grew its position in LogMeIn by 5.0% in the 3rd quarter. Nordea Investment Management AB now owns 11,612 shares of the software maker’s stock worth $1,278,000 after purchasing an additional 548 shares in the last quarter. Legal & General Group Plc grew its position in LogMeIn by 12.4% in the 3rd quarter. Legal & General Group Plc now owns 46,497 shares of the software maker’s stock worth $5,117,000 after purchasing an additional 5,129 shares in the last quarter. JPMorgan Chase & Co. grew its position in LogMeIn by 341.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 330,181 shares of the software maker’s stock worth $35,429,000 after purchasing an additional 255,338 shares in the last quarter. Finally, Barings LLC grew its position in LogMeIn by 46.3% in the 3rd quarter. Barings LLC now owns 7,530 shares of the software maker’s stock worth $829,000 after purchasing an additional 2,382 shares in the last quarter. 99.23% of the stock is owned by institutional investors and hedge funds.

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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.

The Fly

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