Zacks Investment Research Lowers Logitech International (NASDAQ:LOGI) to Hold

Logitech International (NASDAQ:LOGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports. They presently have a $127.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.00% from the stock’s previous close.

According to Zacks, “Logitech is benefiting from solid performance of Gaming and Video Collaboration units. Also, the thriving cloud-based video conferencing services will continue to be the key catalyst. Stay-at-home orders due to the coronavirus outbreak are boosting sales. Strong performance of the existing products and a growing momentum in new products are positives. Rising adoption of new mobile platforms in both mature and emerging markets is fueling demand for Logitech’s peripherals and accessories. Logitech's partnerships with cloud providers like Zoom Video, Microsoft and Google are major positives. Shares have outperformed the industry in the past year. However, weakness in the Mobile Speaker and Smart Home units remains an overhang. Moreover, intense competitions from big and local players in the computer peripheral space are near-term headwinds.”

Several other research firms have also recently weighed in on LOGI. Citigroup boosted their price objective on shares of Logitech International from $110.00 to $130.00 in a research report on Wednesday, January 20th. UBS Group reaffirmed a “neutral” rating on shares of Logitech International in a report on Monday, February 22nd. Wedbush reaffirmed a “neutral” rating and set a $120.00 target price on shares of Logitech International in a report on Friday, April 23rd. Morgan Stanley lifted their target price on shares of Logitech International from $123.00 to $126.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Loop Capital lifted their target price on shares of Logitech International from $120.00 to $130.00 in a report on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $116.11.

Shares of NASDAQ:LOGI traded up $0.14 during trading on Tuesday, reaching $110.43. The stock had a trading volume of 22,651 shares, compared to its average volume of 896,128. Logitech International has a 52 week low of $47.73 and a 52 week high of $120.24. The business’s 50-day moving average price is $108.08 and its 200 day moving average price is $99.48. The stock has a market capitalization of $18.44 billion, a PE ratio of 28.10 and a beta of 0.88.

Logitech International (NASDAQ:LOGI) last posted its earnings results on Wednesday, April 28th. The technology company reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.40. Logitech International had a net margin of 18.31% and a return on equity of 38.26%. Equities research analysts anticipate that Logitech International will post 3.99 earnings per share for the current fiscal year.

In other Logitech International news, CEO Bracken Darrell sold 41,670 shares of the business’s stock in a transaction dated Monday, March 1st. The shares were sold at an average price of $107.77, for a total transaction of $4,490,775.90. Following the sale, the chief executive officer now directly owns 807,183 shares of the company’s stock, valued at approximately $86,990,111.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.10% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. raised its holdings in shares of Logitech International by 11.8% in the 1st quarter. Victory Capital Management Inc. now owns 22,309 shares of the technology company’s stock valued at $2,331,000 after purchasing an additional 2,359 shares during the period. Adell Harriman & Carpenter Inc. raised its holdings in shares of Logitech International by 54.4% in the 1st quarter. Adell Harriman & Carpenter Inc. now owns 23,110 shares of the technology company’s stock valued at $2,416,000 after purchasing an additional 8,145 shares during the period. Ellevest Inc. raised its holdings in shares of Logitech International by 13.0% in the 1st quarter. Ellevest Inc. now owns 2,058 shares of the technology company’s stock valued at $215,000 after purchasing an additional 236 shares during the period. Daiwa Securities Group Inc. bought a new stake in shares of Logitech International in the 1st quarter valued at about $337,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Logitech International by 1.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,352,737 shares of the technology company’s stock valued at $353,174,000 after purchasing an additional 40,734 shares during the period. 33.66% of the stock is currently owned by institutional investors.

About Logitech International

Logitech International SA is a holding company, which engages in design, manufacture, and marketing of peripherals for PCs, tablets and other digital platforms. It offers headsets, speakers, mice, keyboards, and webcams. The firm’s brand include Logitech, Jaybird, Ultimate Ears, Logitech G, ASTRO Gaming, and Blue Microphones.

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