Citigroup Issues Pessimistic Forecast for Logitech International (NASDAQ:LOGI) Stock Price

Logitech International (NASDAQ:LOGI) had its target price dropped by stock analysts at Citigroup from $105.00 to $75.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Citigroup’s price objective points to a potential upside of 2.08% from the company’s previous close.

LOGI has been the topic of several other reports. Bank of America raised shares of Logitech International from an “underperform” rating to a “neutral” rating and lowered their target price for the stock from $90.00 to $73.00 in a research report on Friday, April 4th. Deutsche Bank Aktiengesellschaft raised Logitech International from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Barclays upped their target price on Logitech International from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Morgan Stanley raised shares of Logitech International from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $73.00 to $92.00 in a research report on Thursday, January 23rd. Finally, Kepler Capital Markets raised shares of Logitech International from a “hold” rating to a “buy” rating in a report on Thursday, January 30th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Logitech International has a consensus rating of “Hold” and a consensus price target of $93.43.

Logitech International Price Performance

LOGI traded up $1.80 during trading on Monday, reaching $73.47. 1,575,790 shares of the stock traded hands, compared to its average volume of 597,957. Logitech International has a fifty-two week low of $64.73 and a fifty-two week high of $105.65. The stock’s 50-day simple moving average is $91.42 and its two-hundred day simple moving average is $87.10. The stock has a market cap of $11.62 billion, a price-to-earnings ratio of 17.25, a price-to-earnings-growth ratio of 2.61 and a beta of 0.97.

Logitech International (NASDAQ:LOGI) last released its quarterly earnings data on Tuesday, January 28th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.07. Logitech International had a return on equity of 30.53% and a net margin of 14.38%. Research analysts anticipate that Logitech International will post 4.21 earnings per share for the current fiscal year.

Logitech International declared that its board has initiated a stock repurchase program on Wednesday, March 5th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider Samantha Harnett sold 300 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $96.60, for a total transaction of $28,980.00. Following the transaction, the insider now directly owns 7,348 shares in the company, valued at $709,816.80. The trade was a 3.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.16% of the stock is owned by company insiders.

Institutional Trading of Logitech International

Several institutional investors have recently modified their holdings of the company. Banque Transatlantique SA acquired a new stake in Logitech International during the fourth quarter worth $26,000. Sierra Ocean LLC acquired a new stake in shares of Logitech International during the 4th quarter valued at about $27,000. Bessemer Group Inc. increased its stake in Logitech International by 1,339.1% in the fourth quarter. Bessemer Group Inc. now owns 331 shares of the technology company’s stock valued at $27,000 after acquiring an additional 308 shares during the period. Exane Asset Management acquired a new position in Logitech International in the fourth quarter worth about $32,000. Finally, Tower Research Capital LLC TRC raised its position in Logitech International by 975.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 484 shares of the technology company’s stock worth $40,000 after purchasing an additional 439 shares in the last quarter. Institutional investors and hedge funds own 45.76% of the company’s stock.

About Logitech International

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.