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LogMeIn expects $1B in sales in 2017 -- and investors are loving it
LogMeIn Inc.'s stock price got a boost Wednesday morning after the cloud connectivity company announced a $700 million capital return plan and projected that revenue could hit $1 billion in 2017 thanks to the recently completed merger with Citrix's GoTo business.
The company's shares rose 7 percent as of mid-morning Wednesday to $98.20. Shares have been on a tear over the past 12 months, rising 87 percent over that time.
The Boston-based company said it plans to return the $700 million over the next three years through a combination of share buybacks and dividends. Quarterly cash dividends of 25 cents per share will begin in May.
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