Zacks Research Downgrades Logitech International (NASDAQ:LOGI) to Hold

Logitech International (NASDAQ:LOGI) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on LOGI. Citigroup raised shares of Logitech International from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $100.00 to $130.00 in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Logitech International in a report on Wednesday, October 8th. Wall Street Zen lowered Logitech International from a “buy” rating to a “hold” rating in a research note on Saturday. Morgan Stanley dropped their price objective on Logitech International from $108.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 17th. Finally, Wedbush raised their price objective on Logitech International from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Logitech International has a consensus rating of “Moderate Buy” and a consensus target price of $109.22.

Logitech International Stock Performance

Shares of NASDAQ LOGI opened at $102.48 on Monday. The stock’s fifty day moving average is $113.34 and its 200 day moving average is $104.89. Logitech International has a 52 week low of $64.73 and a 52 week high of $123.01.

Logitech International (NASDAQ:LOGI) last posted its quarterly earnings data on Tuesday, October 28th. The technology company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.23. Logitech International had a net margin of 14.11% and a return on equity of 32.22%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business posted $1.20 earnings per share. Logitech International’s revenue was up 6.3% compared to the same quarter last year. On average, analysts predict that Logitech International will post 4.21 earnings per share for the current fiscal year.

Insider Activity at Logitech International

In other news, Director Neela Montgomery sold 5,833 shares of Logitech International stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $120.61, for a total transaction of $703,518.13. Following the sale, the director directly owned 12,781 shares of the company’s stock, valued at approximately $1,541,516.41. This trade represents a 31.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Logitech International

Several hedge funds have recently added to or reduced their stakes in LOGI. Quarry LP acquired a new position in Logitech International in the 3rd quarter valued at approximately $30,000. Sound Income Strategies LLC bought a new stake in shares of Logitech International in the second quarter worth $27,000. Mather Group LLC. bought a new stake in shares of Logitech International in the third quarter worth $34,000. Westside Investment Management Inc. increased its holdings in Logitech International by 100.0% in the third quarter. Westside Investment Management Inc. now owns 326 shares of the technology company’s stock valued at $36,000 after purchasing an additional 163 shares during the period. Finally, Richardson Financial Services Inc. raised its position in Logitech International by 63.7% during the 3rd quarter. Richardson Financial Services Inc. now owns 329 shares of the technology company’s stock worth $36,000 after purchasing an additional 128 shares during the last quarter. 45.76% of the stock is currently owned by institutional investors and hedge funds.

Logitech International Company Profile

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company’s product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.