Logitech International (NASDAQ:LOGI) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Logitech International (NASDAQ:LOGI) from a buy rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the company. Barclays dropped their price target on Logitech International from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Morgan Stanley decreased their price objective on Logitech International from $89.00 to $88.00 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. Weiss Ratings downgraded Logitech International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. Wedbush dropped their target price on Logitech International from $135.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. cut their price target on Logitech International from $120.00 to $102.00 and set a “neutral” rating for the company in a research note on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $105.29.

Logitech International Price Performance

Shares of NASDAQ:LOGI opened at $100.36 on Friday. The stock has a market cap of $14.71 billion, a P/E ratio of 18.41, a P/E/G ratio of 3.79 and a beta of 1.18. The firm has a fifty day moving average price of $101.65 and a 200 day moving average price of $100.70. Logitech International has a 1-year low of $83.32 and a 1-year high of $129.66.

Logitech International (NASDAQ:LOGI) last posted its quarterly earnings data on Tuesday, July 28th. The technology company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.59. Logitech International had a net margin of 16.28% and a return on equity of 37.30%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the business posted $1.26 earnings per share. Logitech International’s quarterly revenue was up 7.0% on a year-over-year basis. Sell-side analysts expect that Logitech International will post 5.18 EPS for the current fiscal year.

Logitech International Cuts Dividend

The company also recently declared an annual dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 22nd will be paid a dividend of $1.36 per share. This represents a dividend yield of 126.0%. The ex-dividend date is Tuesday, September 22nd. Logitech International’s payout ratio is 9.58%.

Insider Transactions at Logitech International

In related news, insider Samantha Harnett sold 16,265 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $101.35, for a total transaction of $1,648,457.75. Following the completion of the transaction, the insider directly owned 37,097 shares of the company’s stock, valued at $3,759,780.95. This represents a 30.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Logitech International

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC raised its stake in shares of Logitech International by 8.5% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 11,155 shares of the technology company’s stock worth $1,049,000 after buying an additional 878 shares in the last quarter. Engineers Gate Manager LP boosted its stake in shares of Logitech International by 44.2% in the second quarter. Engineers Gate Manager LP now owns 29,739 shares of the technology company’s stock valued at $2,797,000 after buying an additional 9,119 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Logitech International in the second quarter valued at approximately $115,000. IFP Advisors Inc boosted its stake in shares of Logitech International by 163.8% in the second quarter. IFP Advisors Inc now owns 3,400 shares of the technology company’s stock valued at $320,000 after buying an additional 2,111 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Logitech International during the second quarter worth $227,000. Institutional investors and hedge funds own 45.76% of the company’s stock.

About Logitech International

Logitech International is a technology company that designs and develops hardware and software for connecting people to digital devices and platforms. Its products are used by consumers, businesses, educators, content creators and gamers, with offerings spanning personal computing, communication, collaboration and entertainment.

The company’s portfolio includes mice, keyboards, webcams, headsets, speakers, docking stations and other computer accessories. Logitech also provides video-conferencing systems and related collaboration products for meeting rooms and workplaces, as well as gaming peripherals, streaming equipment and accessories sold under brands such as Logitech G and ASTRO.

Founded in 1981 in Apples, Switzerland, Logitech serves customers internationally through retail, e-commerce and business-to-business channels.