Logitech International (NASDAQ:LOGI) Sees Large Volume Increase After Better-Than-Expected Earnings

Logitech International S.A. (NASDAQ:LOGI) saw unusually-high trading volume on Wednesday following a stronger than expected earnings report. Approximately 2,398,169 shares were traded during mid-day trading, an increase of 73% from the previous session’s volume of 1,383,400 shares.The stock last traded at $88.6830 and had previously closed at $93.74.

The technology company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.78 by $0.15. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Logitech International had a net margin of 14.94% and a return on equity of 33.57%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $1.59 earnings per share.

Analyst Ratings Changes

A number of research analysts have recently issued reports on LOGI shares. Wedbush reaffirmed an “outperform” rating and set a $135.00 price target on shares of Logitech International in a report on Tuesday, January 20th. Morgan Stanley reiterated an “underweight” rating and set a $89.00 target price (down previously from $107.00) on shares of Logitech International in a research report on Tuesday, January 20th. Wall Street Zen cut Logitech International from a “buy” rating to a “hold” rating in a report on Saturday, December 27th. BNP Paribas Exane lowered Logitech International from an “outperform” rating to a “neutral” rating and set a $106.00 price objective for the company. in a research note on Thursday, January 8th. Finally, JPMorgan Chase & Co. upped their price objective on Logitech International from $104.00 to $123.00 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.13.

Institutional Trading of Logitech International

Large investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC acquired a new stake in Logitech International during the second quarter worth about $27,000. Quarry LP acquired a new stake in shares of Logitech International during the 3rd quarter worth approximately $30,000. Mather Group LLC. purchased a new position in shares of Logitech International during the 3rd quarter valued at approximately $34,000. Westerkirk Capital Inc. acquired a new position in shares of Logitech International in the 2nd quarter valued at $36,000. Finally, Richardson Financial Services Inc. lifted its stake in shares of Logitech International by 63.7% in the 3rd quarter. Richardson Financial Services Inc. now owns 329 shares of the technology company’s stock valued at $36,000 after purchasing an additional 128 shares during the period. Hedge funds and other institutional investors own 45.76% of the company’s stock.

Logitech International Trading Down 3.0%

The stock’s fifty day moving average is $104.24 and its 200-day moving average is $105.55.

About Logitech International

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.