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

Logitech International S.A. (NASDAQ:LOGIGet Free Report)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 changing hands.

The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.07. Logitech International had a return on equity of 30.68% and a net margin of 15.65%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wedbush reiterated a “neutral” rating and issued a $88.00 price target on shares of Logitech International in a report on Wednesday, January 22nd. Loop Capital decreased their price objective on Logitech International from $88.00 to $81.00 and set a “hold” rating for the company in a report on Monday, October 28th. Citigroup lifted their target price on Logitech International from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. Bank of America cut Logitech International from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $114.00 to $92.00 in a research note on Monday, December 16th. Finally, Barclays increased their target price on shares of Logitech International from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $97.13.

Read Our Latest Analysis on Logitech International

Institutional Trading of Logitech International

Several hedge funds have recently added to or reduced their stakes in LOGI. Exane Asset Management bought a new stake in shares of Logitech International in the 4th quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB increased its position in 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 last quarter. Transamerica Financial Advisors Inc. raised its stake in shares of Logitech International by 115,300.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 1,154 shares of the technology company’s stock valued at $104,000 after buying an additional 1,153 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Logitech International during the 3rd quarter valued at $105,000. Finally, CWM LLC grew its stake in shares of Logitech International by 21.3% during the 3rd quarter. CWM LLC now owns 2,062 shares of the technology company’s stock worth $185,000 after acquiring an additional 362 shares during the period. Institutional investors own 45.76% of the company’s stock.

Logitech International Trading Up 2.6 %

The firm has a fifty day moving average of $85.18 and a two-hundred day moving average of $85.80. The company has a market cap of $15.70 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 2.74 and a beta of 0.77.

Logitech International Company Profile

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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.

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