Cadian Capital Picks Up Stake in LogMeIn Inc (LOGM)

Eric Bannasch‘s Cadian Capital has slightly increased its stake in LogMeIn Inc (NASDAQ:LOGM), according to a newly amended filing with the SEC. The fund disclosed holding 2.38 million shares, versus 2.34 million held earlier. The stake held by Cadian is passive by nature and amasses 9.82% of the company’s stock.

Earlier, in November, Cadian Capital lowered its position in LogMeIn from 2.6 million shares held at the end of September.

With $3.41 billion in equity portfolio, Cadian Capital, managed by Eric Bannasch focuses on Media, Technology, Telecommunications, Industrial Goods and Services sectors primarily. The fund had invested $338.34 million in 9.10 million shares of Altera Corp (NASDAQ:ALTR) at the end of the third quarter of 2013. This investment formed almost 10% of the fund’s equity portfolio value. The fund also holds 26.97 million shares, worth $178.54 million of P M C Sierra Inc (NASDAQ:PMCS) and 6.98 million shares, worth $178.33 million, of E M C Corp (NYSE:EMC).

Recently Cadian Capital increased its exposure in COMSCORE, Inc. (NASDAQ:SCOR) to 3.57 million shares, representing 10% of the common stock. Cadian Capital had also increased its stake in Green Plains Renewable Energy Inc. (NASDAQ:GPRE) from 1.50 million shares to 3.80 million shares in November. This holding amasses 12.55% of the company’s common stock.

LogMeIn Inc (NASDAQ:LOGM) provides cloud-based collaboration, IT management and customer service products aimed at providing multi-device accessibility very much essential in today’s evolving world. These products can be downloaded as free apps or can operate on more sophisticated SaaS platforms. Such a platform allows people to operate from virtually anywhere through their laptops, smartphones or tablets. The company recently announced a dedicated social channel for the investment community. These social channels can help in establishing two-way communications with company’s investors and analysts.

Apart from Cadian Capital, other hedge funds holding substantial holdings in LogMeIn include Sac Capital Advisors, managed by Steven Cohen, with 1.60 million shares worth $49.78 million at the end of the third quarter. Ryan Frick And Oliver Evans managed Dorsal Capital Management also held approximately 475,000 shares worth $14.75 million among the hedge funds tracked by us. D. E. Shaw’s D E Shaw held approximately 267,000 shares worth $8.29 million in the company.

Disclosure: None

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