LogMein Inc. (NASDAQ: LOGM) shares rose in value in early trading today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Analysts at Barclays PLC upgraded shares of LogMein Inc. (NASDAQ: LOGM) from Underweight to Overweight today. With a rating of Overweight on the stock, LogMein Inc. has a 52-week high of $95.98. A number of other analysts have spoken on the stock in recent days, and LogMein Inc. has earned a consensus one-year price target of $88.57, a decrease compared to the opening price of $95.83, a difference of 9.47 percent. Usually, after analysts publish an upgrade report on a stock, they will subsequently issue sporadic updates, such as a price target change.
Meanwhile, US stock opened lower amid concerns surrounding the U.S. Department of Justice’s probe into Deutsche Bank AG.
The S&P 500 SPX, -0.25% slipped 5 points, or 0.2%, to 2,162.
The Dow industrials DJIA, -0.26% fell 55 points, or 0.3%, to 18,252.
The Nasdaq Composite COMP, -0.11% was off 13 points, or 0.3%, to 5,298
LogMein Inc. (NASDAQ: LOGM) shares last traded at $93.48, which represents a jump of $3.09 or 0.03 compared to the previous closing price. Opening at $95.83, they varied from $91.60 and $95.98 throughout the day.
LogMein Inc. (NASDAQ: LOGM) now has a market cap of 2.37B.
LogMein Inc.Trading Volume
289,363 shares traded hands yesterday, lower than the average, out of a total float 24,370,000. Swing traders often use upticks in trading volume to determine substantial volume aggregation or distribution by institutional investors, so look for trading volume to pick up in the coming days.
As with all potential breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to indicate that fund managers and other professional investors are jumping in.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have teams of analysts researching thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
LogMein Inc. 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 marking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more useful decisions on trades.
Trades for LogMein Inc. (NASDAQ: LOGM) have ranged from $35.00 – 95.9850, and the stock now has a 50-day MA of $86.72 and 200-day MA of $67.36. Today’s last price is 0.03% lower than the 52 week high of $95.98.
Earnings growth is ann important factor to consider when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
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