Technology stocks were ending moderately higher in afternoon
trade with shares of technology companies in the S&P 500
gaining almost 0.5%.
In company news, LogMeIn (
) shares were off their worst levels of Wednesday trade after
responding to a cautious assessment of the cloud-based
collaboration software company by a Boston-area institutional
The Off Wall Street Group today initiated coverage of LOGM with
a Sell recommendation and a $30 price target, arguing its core
market of remote-access software is saturated while user growth was
stagnated following a price increase by the company last year.
But on its corporate blog today, LOGM said it has continued to
add IT management customers in recent quarters, adding it has not
changed the way it calculates renewal rates and does not include
add-on sales in those estimates.
The company also contends Off Wall Street failed to include the
potential of its Xively online database service as well as the
"Internet of Things" in evaluating LOGM's prospects. It also said
its AppGuru was designed specifically for its core customer base
and is "highly differentiated" from similar "me-too"
LOGM shares recently were down about 7.7% at $40.69 each,
earlier dropping to a session low of $40.25. The stock has a
52-week range of $26.94 to $47.69 a share, rising nearly 50% over
the past 12 months.
In other sector news,
(+) PXLW, Seeking Alpha blog touts potential revenue growth as
) includes more of the company's displays in its products. The
author, 3D Analystics, forecasts $22 price target for the stock,
nearly triple Tuesday's closing price.
(-) GIMO, Lowers Q2 outlook by as much as $7 mln from prior
guidance, now forecasting between $34.5 mln to $35 mln in revenue,
trailing Wall Street estimates by at least $5.2 mln.