Citigroup Has Lowered Expectations for Logitech International (NASDAQ:LOGI) Stock Price

Logitech International (NASDAQ:LOGI) had its target price reduced by research analysts at Citigroup from $130.00 to $115.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s target price suggests a potential upside of 26.30% from the stock’s previous close.

A number of other research firms have also weighed in on LOGI. BNP Paribas Exane lowered shares of Logitech International from an “outperform” rating to a “neutral” rating and set a $106.00 price objective for the company. in a research note on Thursday, January 8th. Wall Street Zen cut Logitech International from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. Zacks Research cut shares of Logitech International from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Logitech International in a research report on Wednesday, October 8th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $89.00 price objective (down previously from $107.00) on shares of Logitech International in a research note on Tuesday. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $102.89.

Logitech International Price Performance

LOGI stock traded down $4.43 during midday trading on Tuesday, hitting $91.05. The stock had a trading volume of 1,201,979 shares, compared to its average volume of 1,202,664. The business has a 50-day moving average of $107.94 and a two-hundred day moving average of $105.84. Logitech International has a 52-week low of $64.73 and a 52-week high of $123.01.

Logitech International (NASDAQ:LOGI) last announced its earnings results on Tuesday, October 28th. The technology company reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.23. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Logitech International had a net margin of 14.11% and a return on equity of 32.22%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.20 EPS. Research analysts expect that Logitech International will post 4.21 EPS for the current fiscal year.

Insider Activity

In related news, Director Neela Montgomery sold 5,833 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $120.61, for a total transaction of $703,518.13. Following the completion of the transaction, the director owned 12,781 shares in the company, valued at $1,541,516.41. The trade was a 31.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is currently owned by insiders.

Institutional Trading of Logitech International

Institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership raised its stake in shares of Logitech International by 305.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,084,820 shares of the technology company’s stock worth $227,859,000 after purchasing an additional 1,570,876 shares during the last quarter. Credit Agricole S A acquired a new position in shares of Logitech International during the 3rd quarter worth about $104,402,000. Assenagon Asset Management S.A. increased its position in shares of Logitech International by 1,784.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 689,908 shares of the technology company’s stock worth $71,004,000 after purchasing an additional 653,296 shares in the last quarter. Marshall Wace LLP raised its position in shares of Logitech International by 585.5% in the third quarter. Marshall Wace LLP now owns 550,833 shares of the technology company’s stock valued at $60,330,000 after buying an additional 470,476 shares during the last quarter. Finally, Norges Bank purchased a new position in Logitech International in the 2nd quarter worth approximately $42,240,000. 45.76% of the stock is currently owned by institutional investors and hedge funds.

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.