LogMeIn Inc(NASDAQ:LOGM) jumped after Needham & Company raised its price target to $55 from $46 following Q1 earnings after the close on Tuesday that beat Street expectations and positive guidance going forward.
The cloud-based technology company reported Q1 sales were $49 million, above the Thomson Reuters mean of $47.07 million. Non-GAAP EPS were $0.22, a penny ahead of estimates. LOGM sees 26%-27% sales growth in 2014. FY sales are seen between $209.0 million to $212.0 million, above forecasts for $200.38 million. Non-GAAP EPS are seen between $0.96 to $1.04, topping estimates for $0.92.
Q2 sales are seen between $52.2 million to $52.7 million, above the mean Bloomberg estimate for $49.1 million. It sees non-GAAP EPS between $0.23 to $0.24, above forecasts for $0.22. LOGM shares are up 19.5% at $46.61 per share, hitting all-time intra-day high of $47.69 per share. Shares now offer a 52-week price range of $21.57 – $47.69 per share.
Analysts have a consensus price target of $44 on LogMeIn Inc(NASDAQ:LOGM) which indicates a 13.5% upside. The consensus rating of the stock is a Buy with a score of 2.56. There are currently 5 Buy ratings on the stock and 4 hold ratings.
Another recent analyst action consisted of Maxim Group boosting their price target from $45 to $48 with a Buy rating.
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