NEW YORK (TheStreet) -- LogMeIn (LOGM) rose to a one-year high of $47.69 on Wednesday after the cloud-based connectivity services provider reported first-quarter earnings that beat analysts' estimate and increased full-year revenue guidance.
The company reported an increase adjusted net income year over year to $5.5 million, or 22 cents per diluted share, from $3.1 million, or 12 cents per diluted share. This beat estimates by a penny. Revenue increased 31% year over year to $49.02 million, which beat analysts' expectations of $47.1 million.
LogMeIn also increased its full-year revenue guidance by $10 million to a range of $209 million to $212 million, which would mark a 26% to 27% increase compared to 2013 revenue.
Separately, TheStreet Ratings team rates LOGMEIN INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate LOGMEIN INC (LOGM) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."