Morgan Stanley Cuts Logitech International (NASDAQ:LOGI) Price Target to $107.00

Logitech International (NASDAQ:LOGI) had its target price lowered by Morgan Stanley from $108.00 to $107.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

A number of other research analysts have also weighed in on LOGI. Wall Street Zen raised shares of Logitech International from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. JPMorgan Chase & Co. raised their target price on Logitech International from $104.00 to $123.00 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Zacks Research raised Logitech International from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Logitech International in a research note on Wednesday, October 8th. Finally, Citigroup raised shares of Logitech International from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $100.00 to $130.00 in a research note on Wednesday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $109.22.

Logitech International Price Performance

Shares of NASDAQ LOGI opened at $104.28 on Wednesday. The firm has a fifty day moving average of $113.91 and a 200 day moving average of $103.72. Logitech International has a one year low of $64.73 and a one year high of $123.01.

Logitech International (NASDAQ:LOGI) last posted its quarterly earnings data on Tuesday, October 28th. The technology company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.23. Logitech International had a net margin of 14.11% and a return on equity of 32.22%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the firm posted $1.20 earnings per share. The company’s revenue was up 6.3% compared to the same quarter last year. As a group, equities research analysts forecast that Logitech International will post 4.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Logitech International news, Director Neela Montgomery sold 5,833 shares of the business’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $120.61, for a total transaction of $703,518.13. Following the transaction, the director owned 12,781 shares of the company’s stock, valued at approximately $1,541,516.41. The trade was a 31.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership grew its holdings in shares of Logitech International by 305.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,084,820 shares of the technology company’s stock valued at $227,859,000 after purchasing an additional 1,570,876 shares during the period. Credit Agricole S A acquired a new position in Logitech International in the 3rd quarter valued at about $104,402,000. Assenagon Asset Management S.A. boosted its holdings in Logitech International by 91.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,701,985 shares of the technology company’s stock valued at $152,757,000 after purchasing an additional 815,280 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Logitech International by 585.5% in the 3rd quarter. Marshall Wace LLP now owns 550,833 shares of the technology company’s stock valued at $60,330,000 after buying an additional 470,476 shares during the period. Finally, Norges Bank acquired a new stake in shares of Logitech International during the 2nd quarter worth approximately $42,240,000. Hedge funds and other institutional investors own 45.76% of the company’s stock.

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.