Cadian Capital Further Raises Stake in LogMeIn Inc (LOGM)

Eric Bannasch‘s $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.

LogMeIn Inc (NASDAQ:LOGM)

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%.

LogMeIn Inc (NASDAQ: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 (NASDAQ: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 expectations.

Other funds that are long LogMeIn Inc (NASDAQ: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.

Disclosure: none

Recommended Reading:

Jana Partners Boosts its Exposure to QEP Resources Inc (QEP)

Sandell Asset Management Files Complaint Against Bob Evans Farms Inc (BOBE)

Hedge Fund News: Paul Singer, James Dondero & Ken Griffin

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Reign of Terror: The 10 Most Ruthless Politicians in History

On the Move: The 10 Fastest Growing Businesses in 2015

Fast Money: The 10 Highest Paying Fast Food Restaurants

Mixing It Up: The 14 Best Music Mashups of 2014

Rito Pls Buff: The 10 Least Played Champions in LoL Season 4

10 Covers of Popular Songs that are Better than the Originals

Must See TV: The 9 Most Anticipated Shows of 2015

The 15 Biggest Box Office Bombs of All Time

10 Things The World Can’t Stand About Americans

Picture Perfect: The 6 Smartphones with the Best Cameras

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!