Bank of America Downgrades Logitech International (NASDAQ:LOGI) to Underperform

Logitech International (NASDAQ:LOGI) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Tuesday, Marketbeat.com reports. They currently have a $86.00 price target on the technology company’s stock. Bank of America‘s price objective points to a potential downside of 12.81% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Wedbush reiterated an “outperform” rating and issued a $135.00 target price on shares of Logitech International in a report on Wednesday, May 6th. Wall Street Zen lowered shares of Logitech International from a “buy” rating to a “hold” rating in a research report on Sunday, April 26th. UBS Group lowered Logitech International from a “buy” rating to a “neutral” rating in a research note on Tuesday, March 17th. Citigroup lifted their target price on Logitech International from $115.00 to $124.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Weiss Ratings raised Logitech International from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Logitech International has an average rating of “Hold” and an average target price of $109.71.

Logitech International Price Performance

LOGI opened at $98.63 on Tuesday. The business has a 50 day moving average price of $106.54 and a two-hundred day moving average price of $99.15. The company has a market capitalization of $14.46 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 2.48 and a beta of 1.13. Logitech International has a 1-year low of $83.32 and a 1-year high of $129.66.

Logitech International (NASDAQ:LOGI) last announced its quarterly earnings data on Tuesday, May 5th. The technology company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.03. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 earnings per share. Equities analysts expect that Logitech International will post 5.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership raised its holdings in shares of Logitech International by 305.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,084,820 shares of the technology company’s stock worth $227,859,000 after acquiring an additional 1,570,876 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Logitech International by 152.5% during the 4th quarter. Morgan Stanley now owns 2,190,070 shares of the technology company’s stock valued at $219,489,000 after buying an additional 1,322,582 shares during the last quarter. Credit Agricole S A bought a new stake in shares of Logitech International in the 3rd quarter valued at approximately $104,402,000. Norges Bank acquired a new position in Logitech International in the fourth quarter worth approximately $89,248,000. Finally, Marshall Wace LLP increased its holdings in Logitech International by 131.2% in the fourth quarter. Marshall Wace LLP now owns 1,273,720 shares of the technology company’s stock worth $129,125,000 after buying an additional 722,887 shares during the last quarter. Institutional investors and hedge funds own 45.76% of the company’s stock.

Logitech International Company Profile

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.