Logitech International (NASDAQ:LOGI) Sees Unusually-High Trading Volume After Strong Earnings

Logitech International S.A. (NASDAQ:LOGI) shares saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 2,398,169 shares were traded during mid-day trading, an increase of 73% from the previous session’s volume of 1,383,400 shares.The stock last traded at $88.6830 and had previously closed at $93.74.

The technology company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.15. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Logitech International had a net margin of 14.94% and a return on equity of 34.37%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.59 EPS.

Analyst Ratings Changes

LOGI has been the subject of several research analyst reports. Barclays reaffirmed an “equal weight” rating and issued a $98.00 price objective (down previously from $134.00) on shares of Logitech International in a report on Friday, January 16th. Wedbush reaffirmed an “outperform” rating and set a $135.00 price objective on shares of Logitech International in a research note on Tuesday, January 20th. Morgan Stanley restated an “underweight” rating and set a $89.00 price objective (down from $107.00) on shares of Logitech International in a research report on Tuesday, January 20th. Citigroup lowered their target price on Logitech International from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Logitech International in a report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.13.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LOGI. Sound Income Strategies LLC bought a new stake in shares of Logitech International during the second quarter valued at approximately $27,000. Quarry LP bought a new position in shares of Logitech International during the 3rd quarter valued at approximately $30,000. Mather Group LLC. purchased a new position in shares of Logitech International during the 3rd quarter valued at $34,000. Westerkirk Capital Inc. bought a new position in Logitech International during the second quarter worth about $36,000. Finally, Richardson Financial Services Inc. raised its holdings in Logitech International by 63.7% during the 3rd quarter. Richardson Financial Services Inc. now owns 329 shares of the technology company’s stock valued at $36,000 after acquiring an additional 128 shares during the period. 45.76% of the stock is currently owned by institutional investors.

Logitech International Stock Performance

The business has a fifty day moving average of $104.24 and a 200-day moving average of $105.55.

About Logitech International

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company’s product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.