Apple Inc.’s iPad can mimic any number of familiar things — from a drafting table to a television. One publicly traded software company is intent on turning it into a cash machine.
Last year at this time, LogMeIn Inc. (Nasdaq: LOGM) of Woburn was preparing to be the first New England company to go public in a little under a year. Since then, the small-cap company has issued 3 million new shares, and seen its share price up 75 percent, trading at around $28 a share at the end of last week.
On Monday, Barclays Capital Inc. analyst Israel Hernandez raised BCI’s 12-month price target on LogMeIn $9 — to $35 — citing the company’s success selling an iPad and iPhone application called Ignition that lets users control computers at home and at work from their mobile devices.
“When we went public, we never even envisioned something like this,” LogMeIn CFO Jim Kelliher said in an interview. “The iPhone was just getting up and running. We never envisioned something like the iPad.”