Logitech International (NASDAQ:LOGI) Shares Gap Up on Better-Than-Expected Earnings

Shares of Logitech International S.A. (NASDAQ:LOGI) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $92.96, but opened at $97.00. Logitech International shares last traded at $98.61, with a volume of 572,272 shares.

The technology company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.07. Logitech International had a return on equity of 30.68% and a net margin of 15.65%.

Analysts Set New Price Targets

LOGI has been the subject of a number of research analyst reports. Bank of America lowered shares of Logitech International from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $114.00 to $92.00 in a research note on Monday, December 16th. Barclays upped their target price on Logitech International from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday. StockNews.com upgraded Logitech International from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. JPMorgan Chase & Co. upped their price objective on Logitech International from $99.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Wedbush reaffirmed a “neutral” rating and set a $88.00 target price on shares of Logitech International in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $97.13.

Institutional Investors Weigh In On Logitech International

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Exane Asset Management purchased a new position in Logitech International in the 4th quarter worth about $32,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Logitech International by 56.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 649 shares of the technology company’s stock worth $53,000 after buying an additional 233 shares during the period. Transamerica Financial Advisors Inc. raised its holdings in shares of Logitech International by 115,300.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 1,154 shares of the technology company’s stock valued at $104,000 after acquiring an additional 1,153 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Logitech International during the third quarter valued at approximately $105,000. Finally, CWM LLC lifted its position in shares of Logitech International by 21.3% in the 3rd quarter. CWM LLC now owns 2,062 shares of the technology company’s stock valued at $185,000 after acquiring an additional 362 shares in the last quarter. 45.76% of the stock is owned by institutional investors and hedge funds.

Logitech International Stock Performance

The business’s 50 day moving average is $84.79 and its 200 day moving average is $85.70. The stock has a market cap of $15.32 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 2.74 and a beta of 0.77.

Logitech International Company Profile

Logitech International SA, through its subsidiaries, designs, manufactures, and markets software-enabled hardware solutions that connect people to working, creating, gaming, and streaming worldwide. The company offers products for gamers and streamers, including mice, racing wheels, headsets, keyboards, microphones, and streaming services; corded and cordless keyboards and keyboard-and-mouse combinations; pointing devices, such as wireless mice and wireless mouse products; conference room cameras, such as ConferenceCams; controllers for video conferencing room solutions; PC-based webcams, including streaming cameras and VC webcams; tablet accessories that includes keyboards for tablets; PC and VC headsets, in-ear headphones, and premium wireless earbuds; and mobile speakers and PC speakers, as well as portable wireless Bluetooth speakers.