Logitech International (NASDAQ:LOGI) Upgraded to Neutral at Bank of America

Bank of America upgraded shares of Logitech International (NASDAQ:LOGI) from an underperform rating to a neutral rating in a research note published on Friday morning, Marketbeat reports. They currently have $73.00 price target on the technology company’s stock, down from their previous price target of $90.00.

LOGI has been the topic of a number of other reports. Wedbush upgraded Logitech International from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $100.00 to $125.00 in a research report on Friday, March 7th. JPMorgan Chase & Co. boosted their price objective on Logitech International from $99.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Kepler Capital Markets raised shares of Logitech International from a “hold” rating to a “buy” rating in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised shares of Logitech International from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. Finally, StockNews.com cut shares of Logitech International from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $97.71.

Logitech International Stock Performance

Shares of NASDAQ:LOGI opened at $69.30 on Friday. The business has a fifty day moving average of $95.10 and a 200-day moving average of $87.90. Logitech International has a twelve month low of $67.20 and a twelve month high of $105.65. The firm has a market cap of $10.96 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.61 and a beta of 0.97.

Logitech International (NASDAQ:LOGI) last posted its quarterly earnings data on Tuesday, January 28th. The technology company reported $1.42 earnings per share 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%. On average, analysts anticipate that Logitech International will post 4.21 EPS for the current fiscal year.

Logitech International announced that its Board of Directors has initiated a stock repurchase program on Wednesday, March 5th that allows the company to repurchase $600.00 million in shares. This repurchase authorization allows the technology company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Logitech International

In related news, insider Samantha Harnett sold 300 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $96.60, for a total transaction of $28,980.00. Following the completion of the sale, the insider now directly owns 7,348 shares of the company’s stock, valued at approximately $709,816.80. This represents a 3.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LOGI. Versant Capital Management Inc lifted its position in Logitech International by 4,955.2% in the 1st quarter. Versant Capital Management Inc now owns 2,932 shares of the technology company’s stock valued at $247,000 after acquiring an additional 2,874 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Logitech International by 10.7% during the fourth quarter. Wellington Management Group LLP now owns 150,393 shares of the technology company’s stock worth $12,453,000 after buying an additional 14,497 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Logitech International by 2.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,161 shares of the technology company’s stock worth $507,000 after buying an additional 120 shares during the period. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Logitech International in the 4th quarter valued at approximately $1,513,000. Finally, Employees Retirement System of Texas raised its position in Logitech International by 89.2% in the 4th quarter. Employees Retirement System of Texas now owns 1,232 shares of the technology company’s stock valued at $101,000 after buying an additional 581 shares during 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.