Logitech International (NASDAQ:LOGI) Shares Down 5.5% – Here’s What Happened

Logitech International S.A. (NASDAQ:LOGI) shares were down 5.5% during mid-day trading on Thursday. The company traded as low as $99.35 and last traded at $98.9260. 217,546 shares were traded during mid-day trading, a decline of 80% from the average session volume of 1,097,951 shares. The stock had previously closed at $104.65.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Logitech International from $89.00 to $88.00 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. JPMorgan Chase & Co. cut their price target on shares of Logitech International from $120.00 to $102.00 and set a “neutral” rating on the stock in a report on Thursday, August 20th. Bank of America downgraded shares of Logitech International from a “neutral” rating to an “underperform” rating and set a $86.00 price objective on the stock. in a research note on Tuesday, June 30th. Wall Street Zen raised shares of Logitech International from a “hold” rating to a “buy” rating in a report on Sunday, September 20th. Finally, Weiss Ratings lowered shares of Logitech International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Logitech International presently has a consensus rating of “Hold” and a consensus target price of $105.29.

Logitech International Stock Performance

The company has a market cap of $14.82 billion, a P/E ratio of 18.55, a P/E/G ratio of 3.63 and a beta of 1.18. The business has a fifty day simple moving average of $101.97 and a 200 day simple moving average of $101.32.

Logitech International (NASDAQ:LOGI) last issued its quarterly earnings results on Tuesday, July 28th. The technology company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.59. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. Logitech International had a return on equity of 37.30% and a net margin of 16.28%.The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 EPS. Equities research analysts expect that Logitech International S.A. will post 5.24 EPS for the current year.

Insider Buying and Selling

In other Logitech International news, insider Samantha Harnett sold 16,265 shares of Logitech International stock in a transaction on Friday, September 11th. The shares were sold at an average price of $101.35, for a total value of $1,648,457.75. Following the completion of the transaction, the insider owned 37,097 shares of the company’s stock, valued at $3,759,780.95. The trade was a 30.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Barclays PLC grew its position in shares of Logitech International by 16.0% during the 4th quarter. Barclays PLC now owns 3,275,064 shares of the technology company’s stock valued at $328,227,000 after buying an additional 451,357 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Logitech International by 43.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,991,627 shares of the technology company’s stock valued at $304,151,000 after purchasing an additional 906,807 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Logitech International by 26.6% during the 1st quarter. Renaissance Technologies LLC now owns 2,072,508 shares of the technology company’s stock worth $188,847,000 after purchasing an additional 435,000 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Logitech International by 57.4% in the 4th quarter. Allianz Asset Management GmbH now owns 1,556,342 shares of the technology company’s stock worth $160,175,000 after purchasing an additional 567,810 shares during the last quarter. Finally, Amundi boosted its position in Logitech International by 51.2% during the 1st quarter. Amundi now owns 1,665,096 shares of the technology company’s stock valued at $151,724,000 after purchasing an additional 563,564 shares during the period. 45.76% of the stock is currently owned by institutional investors.

Logitech International Company Profile

Logitech International is a technology company that designs and develops hardware and software for connecting people to digital devices and platforms. Its products are used by consumers, businesses, educators, content creators and gamers, with offerings spanning personal computing, communication, collaboration and entertainment.

The company’s portfolio includes mice, keyboards, webcams, headsets, speakers, docking stations and other computer accessories. Logitech also provides video-conferencing systems and related collaboration products for meeting rooms and workplaces, as well as gaming peripherals, streaming equipment and accessories sold under brands such as Logitech G and ASTRO.

Founded in 1981 in Apples, Switzerland, Logitech serves customers internationally through retail, e-commerce and business-to-business channels.