$3.4 billion Cadian Capital
is bullish on LogMeIn Inc (NASDAQ:LOGM)
and recently has upped its stake to some 2.56 million shares of the cloud-based computing equity, versus 2.38 million disclosed just a couple of days ago
. The hedge fund now owns 10.5% of all outstanding LogMeIn shares.
The last filing discloses already the second increase reported by Cadian in the past couple of days. Overall, through several transactions that took place in the past couple of months, Cadian slightly decreased its stake in the cloud solutions and IT management company, from around 2.66 million shares reported as held at the end of September. During the third quarter, the fund also cut
its exposure to the company by 27%.
LOGM) is up by over 30% during the past year, while analysts on average appreciate the stock as being "Overweight." Its Price-to-Earnings to Grow Ratio stands close to 3.0.
Earlier, in October, while reporting the results for the third quarter, LogMeIn Inc
LOGM) stated that it expects revenue between $43.7 million and $44.2 million, while its net income is forecasted between $3.5 million and $3.8 million. At the same time the EPS is expected to be in the range $0.14 to $0.15 per share, which stands in line with the analysts
Other funds that are long LogMeIn Inc
LOGM) include Steve Cohen
's SAC Capital Advisors, which is long 1.6 million shares after decreasing its position by 12% over the quarter, according to the latest 13F filing. Another shareholder is Ryan Frick and Oliver Evans
's Dorsal Capital Management, which also reduced the holding during the July-September period, and disclosed owning 475,000 shares.
Among other moves, earlier this month, Cadian also disclosed raising its stake in COMSCORE, Inc. (NASDAQ:SCOR
) to 3.57 million shares, equal to 10% of the common stock. The stake has been upped from 3.28 million shares owned previously.
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