LogMeIn Upgraded by Needham & Company to “Buy” (LOGM)
LogMeIn (NASDAQ:LOGM) was upgraded by investment analysts at Needham & Company from a “hold” rating to a “buy” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $48.00 price target on the stock. Needham & Company’s price target points to a potential upside of 49.16% from the company’s current price.
Separately, analysts at Cowen and Company downgraded shares of LogMeIn from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 22nd. They now have a $38.00 price target on the stock, up previously from $37.00. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $32.83.
Shares of LogMeIn (NASDAQ:LOGM) traded up 21.67% during mid-day trading on Friday, hitting $40.48. 3,579,147 shares of the company’s stock traded hands. LogMeIn has a 1-year low of $16.12 and a 1-year high of $36.68. The stock has a 50-day moving average of $33.06 and a 200-day moving average of $31.68. The company’s market cap is $980.5 million.
LogMeIn (NASDAQ:LOGM) last released its earnings data on Thursday, February 13th. The company reported $0.16 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.15 by $0.01. The company had revenue of $45.20 million for the quarter, compared to the consensus estimate of $43.99 million. During the same quarter last year, the company posted $0.24 earnings per share. LogMeIn’s revenue was up 22.2% compared to the same quarter last year. Analysts expect that LogMeIn will post $0.77 EPS for the current fiscal year.
LogMeIn, Inc (NASDAQ:LOGM) provides essential cloud-based collaboration, information technology (IT) management and customer service offerings aimed at addressing the evolving multi-device, security, management and accessibility requirements of the new mobile workplace.
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