LogMein Inc. (NASDAQ: LOGM) shares rose on Tuesday Nov 22 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
LogMein Inc. (NASDAQ: LOGM) had its Buy rating reiterated by equities researchers at Piper Jaffray Cos. in a research note to investors. With a rating of Buy on the stock, the company has a 52-week high of $110.10. The one-year price target of $97.25 is a decrease compared to the opening price of $108.90, that has caused a number of other analysts to report on the stock in recent days. Share prices often shift to the upside on recommendations and new price targets of professional brokerage firms.
Shares of LogMein Inc. (NASDAQ: LOGM) opened at $108.90 on Tuesday and has traded in a range between, $108.90 and $110.10, and last traded at $109.38, which represents a jump of $1.13 or 1.04% compared to the previous closing price.
LogMein Inc. (NASDAQ: LOGM) currently has a market cap of 2.79B.
LogMein Inc. (NASDAQ: LOGM) Average Daily Trading Volume
53,520 shares traded hands yesterday, below the average, out of a total float 24,524,000. Look for trading volume to pick up in the coming days as investors often use increases in trading volume to pinpoint large volume growth or dissemination by institutional investors.
However, a single day of significant buy side trading is not enough to affirm a trend. As such, market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
LogMein Inc. (NASDAQ: LOGM) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By following the activity of these professional investors and how they influence moving averages,it allows for traders to make more impactful decisions on trades.
Trades for LogMein Inc. (NASDAQ: LOGM) have ranged from $35.00 – 110.100, and the stock now has a 50-day MA of $94.50 and 200-day MA of $78.47. Today’s last price is 0.66%% lower than the 52 week high of $110.10.
Earnings growth is a critical factor to consider when investing in stocks and investors look for companies that have raised their earnings at least 25% or more for a 3 year period.
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