In a report released today, Shaul Eyal from Oppenheimer maintained a Buy rating on LogMeIn (LOGM), with a price target of $105. The company’s shares closed yesterday at $87.97.
Eyal observed:
“Following management meetings, we believe our positive LOGM thesis remains intact driven by: 1) Continued progress toward improved renewal rates as demonstrated by 3Q’s quick turnaround, which was driven by the elimination of some customer friction; 2) Ongoing focus on high-growth areas such as UCaas while maintaining healthy market share in mature markets such as remote access; 3) Solid FCF generation (we estimate $369M in FY19) that could be utilized to support LOGM’s cash allocation strategy (dividends, buybacks, tuck- in M&A); 4) We continue to view current valuation levels of 9.4x EV/FY19E EBITDA and 12x EV/FCF as highly attractive when compared with the industry’s ~19x EV/ FCF (industry multiples have recently contracted). We reiterate our Outperform and $105 PT.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 13.6% and a 61.8% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.
LogMeIn has an analyst consensus of Moderate Buy, with a price target consensus of $102.67.
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The company has a one-year high of $134.80 and a one-year low of $74.87. Currently, LogMeIn has an average volume of 839.1K.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LOGM in relation to earlier this year. Most recently, in September 2018, Michael Christenson, a Director at LOGM bought 90,000 shares for a total of $2,484,000.
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LogMeIn, Inc. engages in the development and market of remote access, remote support and collaboration solutions that provide instant, secure connections between internet enabled devices. It operates through the following geographical segments: United States; United Kingdom; and International and All Other.
