Logitech International (NASDAQ:LOGI) Cut to Hold at StockNews.com

StockNews.com lowered shares of Logitech International (NASDAQ:LOGI) from a buy rating to a hold rating in a report published on Monday morning.

Several other equities research analysts have also recently weighed in on LOGI. UBS Group raised Logitech International from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Wedbush reissued a “neutral” rating and set a $88.00 target price on shares of Logitech International in a research report on Wednesday, January 22nd. Bank of America restated an “underperform” rating and set a $90.00 price target (down previously from $105.00) on shares of Logitech International in a report on Friday, February 28th. Barclays upped their price objective on shares of Logitech International from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Morgan Stanley raised shares of Logitech International from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $73.00 to $92.00 in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Logitech International presently has a consensus rating of “Hold” and a consensus target price of $96.88.

Logitech International Price Performance

Shares of NASDAQ LOGI opened at $97.69 on Monday. The company has a 50 day simple moving average of $93.75 and a 200 day simple moving average of $87.83. Logitech International has a 1 year low of $74.72 and a 1 year high of $105.65. The firm has a market cap of $15.45 billion, a PE ratio of 22.93, a price-to-earnings-growth ratio of 2.61 and a beta of 0.78.

Logitech International (NASDAQ:LOGI) last released its quarterly earnings results on Tuesday, January 28th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.07. Logitech International had a net margin of 14.38% and a return on equity of 30.53%. As a group, research analysts anticipate that Logitech International will post 4.21 earnings per share for the current fiscal year.

Logitech International declared that its board has initiated a share buyback program on Wednesday, March 5th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, insider Samantha Harnett sold 300 shares of Logitech International stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $96.60, for a total transaction of $28,980.00. Following the completion of the transaction, the insider now directly owns 7,348 shares in the company, valued at $709,816.80. This trade represents a 3.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Logitech International

A number of hedge funds have recently added to or reduced their stakes in LOGI. PNC Financial Services Group Inc. raised its stake in shares of Logitech International by 2.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,556 shares of the technology company’s stock worth $458,000 after purchasing an additional 127 shares during the last quarter. Freedom Investment Management Inc. raised its position in Logitech International by 4.1% in the 4th quarter. Freedom Investment Management Inc. now owns 3,444 shares of the technology company’s stock valued at $284,000 after buying an additional 136 shares during the last quarter. Investment Management Corp of Ontario lifted its stake in Logitech International by 0.4% during the 3rd quarter. Investment Management Corp of Ontario now owns 40,439 shares of the technology company’s stock valued at $3,629,000 after acquiring an additional 170 shares in the last quarter. Tealwood Asset Management Inc. boosted its holdings in Logitech International by 1.2% during the 4th quarter. Tealwood Asset Management Inc. now owns 14,952 shares of the technology company’s stock worth $1,231,000 after acquiring an additional 175 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of Logitech International by 2.5% in the 3rd quarter. US Bancorp DE now owns 7,898 shares of the technology company’s stock worth $709,000 after acquiring an additional 196 shares in the last quarter. Institutional investors and hedge funds own 45.76% of the company’s stock.

Logitech International Company Profile

Logitech International SA, through its subsidiaries, designs, manufactures, and markets software-enabled hardware solutions that connect people to working, creating, gaming, and streaming worldwide. The company offers products for gamers and streamers, including mice, racing wheels, headsets, keyboards, microphones, and streaming services; corded and cordless keyboards and keyboard-and-mouse combinations; pointing devices, such as wireless mice and wireless mouse products; conference room cameras, such as ConferenceCams; controllers for video conferencing room solutions; PC-based webcams, including streaming cameras and VC webcams; tablet accessories that includes keyboards for tablets; PC and VC headsets, in-ear headphones, and premium wireless earbuds; and mobile speakers and PC speakers, as well as portable wireless Bluetooth speakers.