LogMeIn Hits New 12-Month High on Better-Than-Expected Earnings (LOGM)
LogMeIn (NASDAQ:LOGM) reached a new 52-week high on Wednesday following a better than expected earnings announcement, Analyst Ratings Network.com reports. The stock traded as high as $47.69 and last traded at $45.64, with a volume of 1,007,369 shares. The stock had previously closed at $39.12.
The company reported $0.22 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.21 by $0.01. The company had revenue of $49.00 million for the quarter, compared to the consensus estimate of $47.06 million. During the same quarter last year, the company posted $0.12 earnings per share. LogMeIn’s revenue was up 31.0% compared to the same quarter last year.
A number of research firms have recently commented on LOGM. Analysts at Barclays raised their price target on shares of LogMeIn from $39.00 to $45.00 in a research note on Wednesday. They now have an “equal weight” rating on the stock. Separately, analysts at Needham & Company LLC raised their price target on shares of LogMeIn from $48.00 to $55.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Maxim Group raised their price target on shares of LogMeIn from $45.00 to $48.00 in a research note on Thursday, April 17th. They now have a “buy” rating on the stock. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $44.40.
The stock’s 50-day moving average is $42.98 and its 200-day moving average is $36.35. The company’s market cap is $1.094 billion.
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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