Citigroup Lowers Logitech International (NASDAQ:LOGI) Price Target to $75.00

Logitech International (NASDAQ:LOGI) had its target price dropped by equities researchers at Citigroup from $105.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 2.08% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Logitech International from a “sell” rating to a “hold” rating in a research report on Friday, January 31st. JPMorgan Chase & Co. increased their price objective on Logitech International from $99.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Barclays lifted their target price on Logitech International from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Kepler Capital Markets raised Logitech International from a “hold” rating to a “buy” rating in a research note on Thursday, January 30th. Finally, Morgan Stanley upgraded Logitech International from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $73.00 to $92.00 in a research report on Thursday, January 23rd. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $93.43.

Logitech International Stock Up 2.5 %

LOGI stock traded up $1.80 during midday trading on Monday, reaching $73.47. 1,575,790 shares of the company’s stock traded hands, compared to its average volume of 597,957. The company has a 50-day simple moving average of $91.42 and a two-hundred day simple moving average of $87.10. Logitech International has a 1-year low of $64.73 and a 1-year high of $105.65. The company has a market cap of $11.62 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.61 and a beta of 0.97.

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, beating 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%. Equities research analysts forecast that Logitech International will post 4.21 EPS for the current year.

Logitech International announced that its Board of Directors has approved a share repurchase plan on Wednesday, March 5th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the technology company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Logitech International

In other Logitech International news, insider Samantha Harnett sold 300 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $96.60, for a total value of $28,980.00. Following the completion of the sale, the insider now 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Logitech International

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC raised its holdings in Logitech International by 64.2% during the 3rd quarter. Barclays PLC now owns 5,030,921 shares of the technology company’s stock worth $451,426,000 after buying an additional 1,967,133 shares during the period. Norges Bank acquired a new stake in shares of Logitech International during the fourth quarter worth $156,888,000. Assenagon Asset Management S.A. lifted its position 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 valued at $119,673,000 after acquiring an additional 1,385,493 shares in the last quarter. Vontobel Holding Ltd. boosted 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 purchasing an additional 1,240,478 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings in Logitech International by 700.1% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 748,580 shares of the technology company’s stock worth $61,978,000 after purchasing an additional 655,025 shares in the last quarter. Institutional investors and hedge funds 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.