Logitech International (NASDAQ:LOGI) Raised to Outperform at Wedbush

Logitech International (NASDAQ:LOGI) was upgraded by Wedbush from a “neutral” rating to an “outperform” rating in a report issued on Friday, Marketbeat reports. The brokerage currently has a $125.00 price target on the technology company’s stock, up from their previous price target of $100.00. Wedbush’s price objective points to a potential upside of 29.53% from the company’s current price.

Several other equities research analysts have also issued reports on LOGI. Citigroup raised their target price on Logitech International from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Barclays raised their price objective on shares of Logitech International from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. boosted their target price on shares of Logitech International from $99.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft raised shares of Logitech International from a “sell” rating to a “hold” rating in a research report on Friday, January 31st. Finally, Kepler Capital Markets raised shares of Logitech International from a “hold” rating to a “buy” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Logitech International currently has an average rating of “Hold” and a consensus target price of $101.50.

Logitech International Stock Performance

Logitech International stock opened at $96.50 on Friday. Logitech International has a fifty-two week low of $74.72 and a fifty-two week high of $105.65. The firm’s 50-day simple moving average is $94.04 and its 200 day simple moving average is $87.90. The stock has a market cap of $15.26 billion, a PE ratio of 22.65, a price-to-earnings-growth ratio of 2.61 and a beta of 0.73.

Logitech International (NASDAQ:LOGI) last announced its earnings results on Tuesday, January 28th. The technology company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.07. Logitech International had a return on equity of 30.53% and a net margin of 14.38%. As a group, analysts predict that Logitech International will post 4.21 EPS for the current fiscal year.

Logitech International declared that its board has approved a share buyback program on Wednesday, March 5th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, insider Samantha Harnett sold 300 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $96.60, for a total value of $28,980.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by company insiders.

Institutional Trading of Logitech International

A number of hedge funds and other institutional investors have recently bought and sold shares of LOGI. Barclays PLC grew its position in shares of Logitech International by 64.2% during the 3rd quarter. Barclays PLC now owns 5,030,921 shares of the technology company’s stock valued at $451,426,000 after purchasing an additional 1,967,133 shares in the last quarter. Norges Bank purchased a new position in Logitech International during the fourth quarter worth about $156,888,000. Assenagon Asset Management S.A. increased its stake in Logitech International by 2,315.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,445,319 shares of the technology company’s stock worth $119,673,000 after acquiring an additional 1,385,493 shares during the last quarter. Vontobel Holding Ltd. increased its stake in Logitech International by 34.2% in the 4th quarter. Vontobel Holding Ltd. now owns 4,872,324 shares of the technology company’s stock worth $402,802,000 after acquiring an additional 1,240,478 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Logitech International by 700.1% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 748,580 shares of the technology company’s stock valued at $61,978,000 after acquiring an additional 655,025 shares in the last quarter. Institutional investors own 45.76% of the company’s stock.

About Logitech International

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.