Logitech International (NASDAQ:LOGI) Shares Down 5.5% – Here’s What Happened

Logitech International S.A. (NASDAQ:LOGI)’s share price fell 5.5% during trading on Thursday . The company traded as low as $99.35 and last traded at $98.9260. Approximately 217,546 shares traded hands during trading, a decline of 80% from the average session volume of 1,097,951 shares. The stock had previously closed at $104.65.

Analyst Ratings Changes

LOGI has been the topic of several analyst reports. Morgan Stanley lowered their target price on shares of Logitech International from $89.00 to $88.00 and set an “underweight” rating on the stock in a report on Wednesday, July 8th. Bank of America lowered Logitech International from a “neutral” rating to an “underperform” rating and set a $86.00 price objective on the stock. in a report on Tuesday, June 30th. JPMorgan Chase & Co. decreased their target price on shares of Logitech International from $120.00 to $102.00 and set a “neutral” rating on the stock in a research report on Thursday, August 20th. Wall Street Zen raised shares of Logitech International from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, Barclays decreased their price objective on shares of Logitech International from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Logitech International currently has an average rating of “Hold” and an average target price of $105.29.

Logitech International Price Performance

The company has a market cap of $14.62 billion, a PE ratio of 18.31, a P/E/G ratio of 3.90 and a beta of 1.18. The firm has a 50-day simple moving average of $102.02 and a two-hundred day simple moving average of $101.27.

Logitech International (NASDAQ:LOGI) last issued its quarterly earnings data on Tuesday, July 28th. The technology company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.59. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.20 billion. Logitech International had a return on equity of 37.30% and a net margin of 16.28%.The business’s revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.26 earnings per share. Equities research analysts forecast that Logitech International S.A. will post 5.18 EPS for the current year.

Insider Transactions at Logitech International

In other Logitech International news, insider Samantha Harnett sold 16,265 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $101.35, for a total transaction of $1,648,457.75. Following the sale, the insider directly owned 37,097 shares of the company’s stock, valued at $3,759,780.95. This trade represents a 30.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Logitech International

A number of institutional investors have recently modified their holdings of the company. QRG Capital Management Inc. boosted its position in Logitech International by 19.3% during the second quarter. QRG Capital Management Inc. now owns 30,309 shares of the technology company’s stock worth $2,850,000 after acquiring an additional 4,912 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Logitech International by 3.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 139,436 shares of the technology company’s stock valued at $13,112,000 after acquiring an additional 4,831 shares during the last quarter. Andra AP fonden lifted its stake in shares of Logitech International by 801.7% during the 2nd quarter. Andra AP fonden now owns 64,111 shares of the technology company’s stock worth $6,029,000 after purchasing an additional 57,001 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Logitech International by 8.5% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 11,155 shares of the technology company’s stock worth $1,049,000 after purchasing an additional 878 shares during the period. Finally, Engineers Gate Manager LP boosted its holdings in shares of Logitech International by 44.2% during the second quarter. Engineers Gate Manager LP now owns 29,739 shares of the technology company’s stock worth $2,797,000 after purchasing an additional 9,119 shares during the last quarter. Institutional investors and hedge funds own 45.76% of the company’s stock.

About Logitech International

Logitech International is a technology company that designs and develops hardware and software for connecting people to digital devices and platforms. Its products are used by consumers, businesses, educators, content creators and gamers, with offerings spanning personal computing, communication, collaboration and entertainment.

The company’s portfolio includes mice, keyboards, webcams, headsets, speakers, docking stations and other computer accessories. Logitech also provides video-conferencing systems and related collaboration products for meeting rooms and workplaces, as well as gaming peripherals, streaming equipment and accessories sold under brands such as Logitech G and ASTRO.

Founded in 1981 in Apples, Switzerland, Logitech serves customers internationally through retail, e-commerce and business-to-business channels.