Dallas, Texas 02/18/2014 (FINANCIALSTRENDS) – LogMeIn Inc(NASDAQ:LOGM) the Boston based unified communication system service provider has reported strong quarterly results. Cloud-based services the company provides include collaborative communications for enterprises, allowing for free and easy interaction with employees and clients.
LogMeIn Inc(NASDAQ:LOGM) following the announcement has seen target price revision by Barclays and rating moved to equal weight. Other analysts such as Needham & company too showed upward revision of the shares from Hold to Buy in the research note. The$48.00 price target is what holds at Needham & Co. Others such as Cowen and Company moved it to downgrade and outperform rating to market perform, in a research note that it released on Jan 22, 2014.
LogMeIn Inc(NASDAQ:LOGM) has reported non-GAAP net income of $3.9 million. The company has 16 cents per share and will exclude most other expenses. The non-GAAP net income is expected to be in the region of $6 million and 24 cents to a share for earlier this year. The net loss for the quarter is $459,000 or 2cents to per share.
LogMeIn Inc(NASDAQ:LOGM) also had over four research analysts moving the sock from Hold rating, besides fiver other to a Buy rating, while average price target was $35.00. The quarterly earnings data reveal that the $0.16 earning per share for the quarter, beat analysts consensus estimate which was $0.15 by over $0.01. The revenue was valued at $45.20 million on the quarter, which varied over the estimate consensus of $43.99 million. For the same quarter previously, the company had reported $0.24 earnings per share. The revenue for the quarter was reported to be 22.2% higher on a year to year basis.
The information services provider is in the league of big-time service providers such as Citrix and other collaborative, Unified communication service providers, on a subscription bases for the number of services each company rents from LogMeIn.