Alyeska Investment Group buys $76,680,557 stake in LogMeIn Inc (LOGM)

LogMeIn Inc (LOGM) : Alyeska Investment Group scooped up 266,244 additional shares in LogMeIn Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 924,865 shares of LogMeIn Inc which is valued at $76,680,557.LogMeIn Inc makes up approximately 0.75% of Alyeska Investment Group’s portfolio.

Other Hedge Funds, Including , Guggenheim Capital reduced its stake in LOGM by selling 3,940 shares or 8.75% in the most recent quarter. The Hedge Fund company now holds 41,081 shares of LOGM which is valued at $3,406,026. LogMeIn Inc makes up approx 0.01% of Guggenheim Capital’s portfolio.Cupps Capital Management reduced its stake in LOGM by selling 24,686 shares or 43.57% in the most recent quarter. The Hedge Fund company now holds 31,977 shares of LOGM which is valued at $2,651,213. LogMeIn Inc makes up approx 0.63% of Cupps Capital Management’s portfolio.First Mercantile Trust Co boosted its stake in LOGM in the latest quarter, The investment management firm added 142 additional shares and now holds a total of 5,300 shares of LogMeIn Inc which is valued at $439,423. LogMeIn Inc makes up approx 0.05% of First Mercantile Trust Co’s portfolio.Commerce Bank reduced its stake in LOGM by selling 66 shares or 0.62% in the most recent quarter. The Hedge Fund company now holds 10,640 shares of LOGM which is valued at $895,462. LogMeIn Inc makes up approx 0.01% of Commerce Bank’s portfolio.

LogMeIn Inc opened for trading at $83.35 and hit $86.26 on the upside on Thursday, eventually ending the session at $86.04, with a gain of 3.04% or 2.54 points. The heightened volatility saw the trading volume jump to 3,44,414 shares. Company has a market cap of $2,177 M.

On the company’s financial health, LogMeIn Inc reported $0.35 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.30. The company had revenue of $79.70 million for the quarter, compared to analysts expectations of $77.76 million. The company’s revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS.

Many Wall Street Analysts have commented on LogMeIn Inc. Company shares were Reiterated by Barclays on Jul 27, 2016 to “Underweight”, Firm has raised the Price Target to $ 82 from a previous price target of $57 .Company shares were Reiterated by Needham on Jul 27, 2016 to “Strong Buy”, Firm has raised the Price Target to $ 98 from a previous price target of $81 .LogMeIn Inc was Upgraded by JP Morgan to ” Overweight” on Jul 27, 2016.

LogMeIn Inc. provides a portfolio of cloud-based service offerings. The Company’s services range from free downloadable mobile and Web-based collaboration apps to enterprise grade professional helpdesk solutions to a cloud-based platform for the Internet of Things all of which are accessible with an Internet connection. The Company’s services are delivered via the cloud as hosted services. The Company offers both free and fee based or premium services. The Company’s core cloud-based services are categorized into four business lines: Collaboration Service and Support Connected Products and Additional Service Offerings. Its collaboration business consists of services for users to interact with and access the computers devices data and people that make up their digital world. join.me join.me pro and join.me enterprise are its free and premium browser-based online meeting and screen sharing services that give users the ability to host an online meeting with other people.

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