LogMeIn, Inc. (NASDAQ: LOGM)
LogMeIn, Inc. (LOGM), a cloud based service security company yesterday reported their second quarter 2016 financial results. LogMein reported second quarter earnings of $0.49 per share which beat analyst expectations of $0.45 per share. LogMein reported second quarter revenues of $83.3 million which beat analyst expectations of $81.8 million.
LogMeIn, Inc. CEO’s Comments
“We are pleased with the strong performance delivered in the second quarter, where revenue and earnings were above the high end of our guidance,” said Bill Wagner, President and CEO of LogMeIn. “These results were driven by continued strong performance across our three clouds, each of which continued to grow in double digits.
“We are also very excited about our announcement regarding the proposed merger with Citrix’s GoTo family of products. We believe that the transaction represents a compelling opportunity to accelerate our vision and for employees of both companies to come together and deliver significant innovation and value to our customers and shareholders.” Globe Newswire
LOGM Technical Analysis
LOGM opened trading yesterday at $65.53 which was up from the previous days trading of $65.31. LOGM closed trading yesterday at $69.75 and spiked up after market to $82.06, equivalent to a 18% increase from the closing price. Taking a look at the daily chart we can see that we are in unchartered territory as LOGM is trading at all times. Taking a closer look at the daily chart we can see that LOGM has been in an upward trend dating back to February 10th when it traded at $43.16. LOGM has a float of 24.04 million shares and traded 3.74 times the normal daily trading volume on Tuesday. For trading purposes, I would like to see LOGM open trading on Wednesday above $78.00 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.50 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
LogMeIn, Inc. provides cloud-based services for individuals and businesses to securely connect to their workplace, colleagues, and customers. Its services include join.me, join.me pro, and join.me enterprise that are browser-based online meetings and screen sharing services; Cubby Basic, Cubby Pro, and Cubby Enterprise that are cloud-based file syncing, storage, and sharing services; and LogMeIn Pro, a remote access service. The company also provides support services, including LogMeIn Rescue and LogMeIn Rescue+Mobile, which are Web-based remote support and customer care services offering remote support via the Internet; and BoldChat, a Web-based live chat service that helps customer service staff to directly engage and provide assistance to visitors to their organizations Website. In addition, it offers IT management services, such as LogMeIn Central, a Web-based management console; Meldium, a password and identity management product to manage, store, and share login credentials; and AppGuru, an application management product, as well as connected products comprising Xively, a platform, which provides the infrastructure services to help businesses. Further, the company provides RemotelyAnywhere, a LAN-based systems administration product used to manage personal computers and servers from within the IT system of an enterprise; LogMeIn Backup, a service that subscribers install on two or more computers to create a backup network; LogMeIn Hamachi, a hosted virtual private network service; and LogMeIn for iOS services. It serves SMBs, IT service providers, mobile carriers, customer service centers, original equipment manufacturers, enterprise customers, and consumers. The company was formerly known as 3am Labs, Inc. and changed its name to LogMeIn, Inc. in March 2006. LogMeIn, Inc. was founded in 2003 and is headquartered in Boston, Massachusetts. Yahoo Finance
