Zacks Investment Research Upgrades Logitech International S.A. (LOGI) to “Strong-Buy”
Logitech International S.A. (NASDAQ:LOGI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The firm currently has a $43.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.97% from the company’s previous close.
According to Zacks, “Over the past six months Logitech’s shares have outperformed the industry’s average return. Logitech boasts a striking earnings surprise history, with consecutive strong earnings beats in the four trailing quarters. The company has been benefiting from its robust business model that focuses on maximizing profit in PC peripherals and expanding into new business categories. Broad-based growth across the company’s retail business has been fueling its performance. Going forward, solid market traction of the recently launched products is likely to stoke growth. However, on the flip side, fluctuations in the company’s product lines add to its concerns. In addition, growing R&D expenses, economic challenges in Russia and Europe as well as currency fluctuations continue to impact earnings and could be concerns in the quarters ahead. Moreover, strong competition in the sector poses as a major headwind.”
A number of other analysts have also recently commented on the company. Loop Capital started coverage on Logitech International in a research report on Monday, July 24th. They issued a “buy” rating and a $48.00 price target for the company. Citigroup Inc. started coverage on Logitech International in a research report on Thursday, July 6th. They issued a “buy” rating and a $44.00 price target for the company. Finally, Aegis started coverage on Logitech International in a research report on Tuesday, June 13th. They issued a “buy” rating and a $48.00 price target for the company. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $39.50.
Logitech International (LOGI) opened at 37.40 on Tuesday. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of 28.18 and a beta of 0.57. Logitech International has a 12-month low of $21.14 and a 12-month high of $40.82. The firm’s 50-day moving average price is $35.64 and its 200-day moving average price is $34.80.
Logitech International (NASDAQ:LOGI) last issued its quarterly earnings results on Monday, July 24th. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. The business had revenue of $529.95 million during the quarter, compared to analysts’ expectations of $521.24 million. Logitech International had a return on equity of 25.18% and a net margin of 9.15%. On average, equities analysts predict that Logitech International will post $1.49 EPS for the current fiscal year.
In related news, insider Luca Guerrino De sold 15,000 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $36.04, for a total transaction of $540,600.00. Following the completion of the sale, the insider now owns 321,204 shares in the company, valued at $11,576,192.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bracken Darrell sold 110,330 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $36.15, for a total value of $3,988,429.50. Following the sale, the chief executive officer now owns 940,542 shares of the company’s stock, valued at approximately $34,000,593.30. The disclosure for this sale can be found here. Insiders have sold 319,245 shares of company stock valued at $11,549,298 in the last quarter. 2.20% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in LOGI. Schroder Investment Management Group grew its position in shares of Logitech International by 71.6% during the second quarter. Schroder Investment Management Group now owns 4,704,135 shares of the technology company’s stock worth $161,352,000 after purchasing an additional 1,962,561 shares in the last quarter. FMR LLC purchased a new stake in shares of Logitech International during the first quarter worth about $16,691,000. Alliancebernstein L.P. grew its position in shares of Logitech International by 56.9% during the second quarter. Alliancebernstein L.P. now owns 1,338,293 shares of the technology company’s stock worth $49,062,000 after purchasing an additional 485,182 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Logitech International by 14.1% during the first quarter. Renaissance Technologies LLC now owns 2,597,742 shares of the technology company’s stock worth $82,790,000 after purchasing an additional 321,200 shares in the last quarter. Finally, Citigroup Inc. grew its position in shares of Logitech International by 62.9% during the second quarter. Citigroup Inc. now owns 698,112 shares of the technology company’s stock worth $25,019,000 after purchasing an additional 269,477 shares in the last quarter. Hedge funds and other institutional investors own 37.84% of the company’s stock.
About Logitech International
Logitech International SA is a holding company. The Company designs, manufactures and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms. The Company operates through peripheral segment. The Company offers its products to a network of domestic and international customers, including direct sales to retailers, e-tailers, and indirect sales through distributors.
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