Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
LogMeIn Inc (NASDAQ:LOGM), a provider of a cloud-based remote connectivity services, is in the early stages of a growth opportunity, and investors should take advantage of its valuation, according to KeyBanc Capital Markets.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
KeyBanc's Alex Kurtz initiated coverage of LogMeIn's stock with an Overweight rating and $135 price target.
The Thesis
LogMeIn boasts more than 4 million daily active users among multiple product portfolio lines, Kurtz said in the initiation note. The company's recent acquisition of Jive gives it access to the Unified Communications-as-a-Service market, in which average revenue per user stands at $4,000, as opposed to LogMeIn's customers at $500, the analyst said.
LogMeIn has the necessary resources to drive adoption of its UCaaS portfolio among its already existing installed base, which should result in growth beyond current estimates of 5 to 7 percent, Kurtz said.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
LogMeIn's acquisition of Jive is part of its strategy to broaden its established product portfolio to expand into adjacent markets that would increase its total addressable market from $5 billion to $46 billion, the analyst said. Kurtz highlighted some of LogMeIn's initiatives that are intended to increase its TAM ninefold:
- Adding functionality to web conferencing products, a $2.9-billion market, which signals greater ambitions in the $25.5-billion unified communications and collaboration market.
- Expanding functionality in IT support and device management, a $600-million market.
- Products like LastPass target the $6.8-billion access management market.
- LogMeIn is developing expertise in remote support and chat products, which represent a $1.3-billion market and are part of the broader, $13.8-billion contact center functionality market.
Price Action
Shares of LogMeIn were trading higher by 0.44 percent at the time of publication Friday morning.
EXCLUSIVE INTERVIEW: Jive Software CEO on M&A, Software Updates (JIVE)
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.