Logitech International (NASDAQ:LOGI) Stock Breaks Below 200-Day Moving Average – Here’s Why

Logitech International S.A. (NASDAQ:LOGI)’s share price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $99.72 and traded as low as $97.61. Logitech International shares last traded at $98.27, with a volume of 3,047,688 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on LOGI shares. Barclays raised their price target on shares of Logitech International from $101.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of Logitech International from $102.00 to $94.00 and set a “neutral” rating for the company in a research note on Tuesday, October 13th. Weiss Ratings lowered Logitech International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Wedbush lowered their price objective on Logitech International from $135.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Finally, Wall Street Zen upgraded Logitech International from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Logitech International currently has a consensus rating of “Hold” and a consensus price target of $106.29.

Logitech International Price Performance

The business’s 50 day simple moving average is $101.98 and its 200 day simple moving average is $99.72. The stock has a market cap of $14.00 billion, a P/E ratio of 17.21, a PEG ratio of 5.31 and a beta of 1.14.

Logitech International (NASDAQ:LOGI) last released its quarterly earnings data on Tuesday, October 27th. The technology company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.17. Logitech International had a return on equity of 37.09% and a net margin of 16.36%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the company posted $1.45 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. Research analysts predict that Logitech International S.A. will post 5.19 earnings per share for the current year.

Insider Activity

In other Logitech International news, insider Samantha Harnett sold 16,265 shares of Logitech International stock in a transaction 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 completion of the transaction, the insider directly owned 37,097 shares of the company’s stock, valued at approximately $3,759,780.95. This trade represents a 30.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Logitech International

Several institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Logitech International in the 3rd quarter valued at $41,000. Strengthening Families & Communities LLC acquired a new position in shares of Logitech International in the 3rd quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB bought a new stake in Logitech International during the 3rd quarter worth approximately $64,000. Rockefeller Capital Management L.P. increased its stake in 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 purchasing an additional 114 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in Logitech International by 19.1% during the 1st quarter. Fifth Third Bancorp now owns 903 shares of the technology company’s stock worth $82,000 after purchasing an additional 145 shares in the last quarter. 45.76% of the stock is owned by institutional investors.

Logitech International Company Profile

Logitech International designs and manufactures hardware and software that connect people to digital devices and support communication, collaboration, content creation and gaming. Its products are sold under the Logitech brand and are used by consumers, businesses, educators, gamers and other professional users worldwide.

The company’s portfolio includes computer mice and keyboards, webcams, headsets, microphones, speakers, video-conferencing systems, presentation tools and gaming peripherals.