Logitech International (LOGI) Lowered to “Hold” at Zacks Investment Research
Logitech International (NASDAQ:LOGI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Logitech is benefitting from robust sales across product categories and strong momentum in Video Collaboration, Gaming and Tablet & Accessories businesses. Moreover, with increasing customer interaction with digital content, Logitech is placed well with its products helping people connect with digital and cloud-based platforms. Growing adoption of new mobile platforms in both mature and emerging markets are fueling the demand for Logitech’s peripherals and accessories. Notably, Logitech’s shares have outperformed the industry year-to-date. However, Logitech’s Mobile Speakers and Smart Home businesses have been on a downtrend. The rising trend of smaller, mobile computing devices with touch interfaces and the declining popularity of desktop PCs can be a headwind for the company. Moewover, sovereign debt issues in Europe, and political tensions between Russia and Ukraine are posing risks for Logitech. “
Several other equities analysts have also issued reports on LOGI. BidaskClub upgraded Logitech International from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 8th. Goldman Sachs Group assumed coverage on Logitech International in a research report on Friday, June 22nd. They set a “neutral” rating on the stock. DA Davidson lifted their price objective on Logitech International to $55.00 and gave the stock a “buy” rating in a research report on Monday, July 23rd. Loop Capital lifted their price objective on Logitech International to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, August 1st. They noted that the move was a valuation call. Finally, Citigroup lifted their price objective on Logitech International from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $49.60.
Logitech International (NASDAQ:LOGI) last posted its quarterly earnings results on Monday, July 30th. The technology company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.07. Logitech International had a return on equity of 24.63% and a net margin of 7.97%. The business had revenue of $608.48 million for the quarter, compared to analyst estimates of $584.37 million. During the same period last year, the company earned $0.24 EPS. equities research analysts anticipate that Logitech International will post 1.6 EPS for the current fiscal year.
In other news, CEO Bracken Darrell sold 100,000 shares of Logitech International stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $45.66, for a total value of $4,566,000.00. Following the sale, the chief executive officer now directly owns 712,137 shares in the company, valued at approximately $32,516,175.42. The sale was disclosed in a filing with the SEC, which is available through this link. 1.80% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Raymond James & Associates grew its position in shares of Logitech International by 6.4% in the 2nd quarter. Raymond James & Associates now owns 30,000 shares of the technology company’s stock worth $1,323,000 after buying an additional 1,813 shares during the last quarter. US Bancorp DE grew its position in shares of Logitech International by 13.6% in the 2nd quarter. US Bancorp DE now owns 16,131 shares of the technology company’s stock worth $708,000 after buying an additional 1,925 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Logitech International by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 329,468 shares of the technology company’s stock worth $14,464,000 after buying an additional 2,403 shares during the last quarter. Koch Industries Inc. grew its position in shares of Logitech International by 20.0% in the 1st quarter. Koch Industries Inc. now owns 14,707 shares of the technology company’s stock worth $540,000 after buying an additional 2,453 shares during the last quarter. Finally, Cutler Group LP grew its position in shares of Logitech International by 143.7% in the 2nd quarter. Cutler Group LP now owns 5,508 shares of the technology company’s stock worth $241,000 after buying an additional 3,248 shares during the last quarter. Hedge funds and other institutional investors own 36.45% of the company’s stock.
Logitech International Company Profile
Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms worldwide. The company offers portable wireless Bluetooth and Wi-Fi speakers, PC speakers, PC headsets, in-ear headphones, and wireless audio wearables; gaming mice, keyboards, headsets, mousepads, and steering wheels and flight sticks; and audio and video, and other products that connect small and medium sized user groups.
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