JPMorgan Chase & Co. Downgrades Logitech International (NASDAQ:LOGI) to Neutral

Logitech International (NASDAQ:LOGI) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They presently have a $48.00 target price on the technology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 2.50% from the company’s previous close. The analysts noted that the move was a valuation call.

Several other brokerages also recently issued reports on LOGI. Zacks Investment Research downgraded Logitech International from a “hold” rating to a “sell” rating and set a $44.00 price objective for the company. in a research note on Monday, October 28th. Wedbush reissued a “buy” rating and issued a $46.00 price objective on shares of Logitech International in a research note on Tuesday, October 22nd. BidaskClub raised Logitech International from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 27th. ValuEngine downgraded Logitech International from a “hold” rating to a “sell” rating in a research note on Wednesday, November 13th. Finally, UBS Group downgraded Logitech International from a “buy” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research note on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $46.71.

Shares of NASDAQ LOGI traded down $0.18 during mid-day trading on Tuesday, hitting $46.83. 5,043 shares of the company traded hands, compared to its average volume of 119,797. Logitech International has a 1 year low of $32.63 and a 1 year high of $47.99. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 26.90 and a beta of 1.25. The business has a 50 day moving average of $45.76 and a two-hundred day moving average of $41.91.

Logitech International (NASDAQ:LOGI) last announced its earnings results on Monday, October 21st. The technology company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05. The business had revenue of $719.69 million during the quarter, compared to the consensus estimate of $725.70 million. Logitech International had a return on equity of 26.01% and a net margin of 9.58%. During the same period in the prior year, the business posted $0.49 earnings per share. As a group, equities analysts expect that Logitech International will post 1.85 EPS for the current fiscal year.

In other Logitech International news, CEO Bracken Darrell sold 17,820 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $42.93, for a total value of $765,012.60. Following the transaction, the chief executive officer now directly owns 749,854 shares of the company’s stock, valued at approximately $32,191,232.22. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Didier Hirsch sold 25,230 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $41.79, for a total value of $1,054,361.70. Following the completion of the transaction, the director now directly owns 37,797 shares in the company, valued at $1,579,536.63. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,445 shares of company stock valued at $8,544,661. Company insiders own 1.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Millennium Management LLC increased its position in Logitech International by 205.4% in the 3rd quarter. Millennium Management LLC now owns 82,157 shares of the technology company’s stock worth $3,347,000 after purchasing an additional 55,257 shares during the last quarter. State Street Corp increased its position in Logitech International by 27.8% in the 3rd quarter. State Street Corp now owns 8,777 shares of the technology company’s stock worth $358,000 after purchasing an additional 1,910 shares during the last quarter. First Trust Advisors LP increased its position in Logitech International by 20.8% in the 3rd quarter. First Trust Advisors LP now owns 63,862 shares of the technology company’s stock worth $2,602,000 after purchasing an additional 11,011 shares during the last quarter. Alpine Woods Capital Investors LLC acquired a new position in Logitech International in the 3rd quarter worth about $487,000. Finally, Bradley Foster & Sargent Inc. CT acquired a new position in Logitech International in the 3rd quarter worth about $203,000. 34.29% of the stock is currently owned by institutional investors.

About Logitech International

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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Analyst Recommendations for Logitech International (NASDAQ:LOGI)

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