Was I Right to Log Out of LogMeIn?

Is LogMeIn (Nasdaq: LOGM  ) just trying to make me regret selling it?

It sure feels like it. Since IPO'ing in the summer of '09, LogMeIn had already posted five consecutive "earnings beats" as a public company. Yesterday made it six-for-six, as LogMeIn reported:

• Full fiscal year revenue growth of 36%.
• Revenue growth that is accelerating, as LogMeIn clocked a 53% increase in Q4 alone (boosted by a non-recurring payment from Intel).
• Expanding profit margins -- big enough to convert that 53% revenue increase into a 110% rise in earnings per share. (Profits for the year were similarly spectacular, up 130%.)

As in quarters past, LogMeIn owes much of its success to Apple (Nasdaq: AAPL  ) and its iPad (and its decision to exclude Adobe's (Nasdaq: ADBE  ) Flash from the platform.) Management touted the iPad version of its Ignition software, which enables use of Flash remotely, as well as "new features in Rescue to support an increasing number of iPads," as two of its great success stories of 2010. Of course, Ignition is about more than Flash, and LogMeIn has begun offering the sofware for devices using the Android OS now, as well, such as the much-anticipated Motorola Mobility (NYSE: MMI  ) Xoom, which suggests further opportunities could arise as Hewlett-Packard (NYSE: HPQ  ) and Research In Motion (Nasdaq: RIMM  ) bring ever more tablet PCs, using other OSes, to market.

Still, this growth looks priced into the stock already. Selling for 45 times earnings (or even 29 times last year's $32 million free cash flow haul), the stock seems awfully pricey relative to this year's projected sales growth (17%), long-term earnings growth expectations (21%), either one. Add in litigation costs from the firm's patent dust-up with rival 01 Communique, projected to cut earnings by around half next year's total, and the near-term picture looks even worse.

Maybe investors are right this time. And maybe I was right to time to log off of LogMeIn.

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