Engineers Gate Manager LP Acquires 9,119 Shares of Logitech International S.A. $LOGI

Engineers Gate Manager LP raised its holdings in shares of Logitech International S.A. (NASDAQ:LOGI) by 44.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 29,739 shares of the technology company’s stock after buying an additional 9,119 shares during the period. Engineers Gate Manager LP’s holdings in Logitech International were worth $2,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LOGI. Caitong International Asset Management Co. Ltd increased its holdings in shares of Logitech International by 911.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 678 shares of the technology company’s stock valued at $68,000 after purchasing an additional 611 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Logitech International by 19.1% in the first quarter. Fifth Third Bancorp now owns 903 shares of the technology company’s stock valued at $82,000 after purchasing an additional 145 shares during the period. Rockefeller Capital Management L.P. lifted its stake in shares of Logitech International by 15.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 861 shares of the technology company’s stock worth $86,000 after buying an additional 114 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Logitech International during the 2nd quarter worth about $115,000. Finally, Westerkirk Capital Inc. boosted its holdings in shares of Logitech International by 275.0% during the 4th quarter. Westerkirk Capital Inc. now owns 1,500 shares of the technology company’s stock worth $150,000 after buying an additional 1,100 shares during the period. 45.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LOGI. Bank of America lowered shares of Logitech International from a “neutral” rating to an “underperform” rating and set a $86.00 price target on the stock. in a research note on Tuesday, June 30th. Wall Street Zen cut Logitech International from a “buy” rating to a “hold” rating in a report on Saturday. JPMorgan Chase & Co. decreased their target price on Logitech International from $120.00 to $102.00 and set a “neutral” rating on the stock in a research report on Thursday, August 20th. Morgan Stanley lowered their target price on Logitech International from $89.00 to $88.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 8th. Finally, Barclays dropped their price target on Logitech International from $105.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $105.29.

Logitech International Stock Performance

NASDAQ:LOGI opened at $100.36 on Tuesday. Logitech International S.A. has a 52 week low of $83.32 and a 52 week high of $129.66. The firm’s 50-day simple moving average is $101.65 and its 200 day simple moving average is $100.70. The firm has a market cap of $14.71 billion, a price-to-earnings ratio of 18.41, a P/E/G ratio of 3.79 and a beta of 1.18.

Logitech International (NASDAQ:LOGI) last posted its quarterly earnings data on Tuesday, July 28th. The technology company reported $1.85 earnings per share (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 firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. Sell-side analysts anticipate that Logitech International S.A. will post 5.18 EPS for the current year.

Logitech International Cuts Dividend

The business also recently declared an annual dividend, which will be paid on Wednesday, September 23rd. Investors of record on Tuesday, September 22nd will be paid a $1.36 dividend. 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 Activity

In related news, insider Samantha Harnett sold 16,265 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $101.35, for a total transaction of $1,648,457.75. Following the sale, the insider 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.15% of the company’s stock.

Logitech International Company Profile

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.