Logitech International (NASDAQ:LOGI – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
Several other research firms have also issued reports on LOGI. Morgan Stanley raised Logitech International from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $40.00 to $56.00 in a research report on Monday, May 1st. UBS Group cut shares of Logitech International from a “neutral” rating to a “sell” rating in a research note on Wednesday, May 3rd. Barclays upped their target price on shares of Logitech International from $60.00 to $71.00 in a research note on Wednesday, May 3rd. TheStreet cut shares of Logitech International from a “b-” rating to a “c” rating in a research note on Monday, May 1st. Finally, Citigroup cut shares of Logitech International from a “buy” rating to a “neutral” rating and lowered their target price for the company from $73.00 to $70.00 in a research note on Wednesday, June 14th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Logitech International currently has a consensus rating of “Hold” and a consensus target price of $64.33.
Logitech International Trading Up 0.0 %
Shares of Logitech International stock opened at $63.78 on Wednesday. The firm has a market capitalization of $10.44 billion, a P/E ratio of 28.60, a P/E/G ratio of 1.75 and a beta of 0.85. The business has a fifty day simple moving average of $61.38 and a two-hundred day simple moving average of $58.88. Logitech International has a 12 month low of $41.81 and a 12 month high of $68.17.
Logitech International announced that its board has initiated a stock buyback program on Wednesday, June 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to purchase up to 10.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
Insider Buying and Selling
In related news, insider Samantha Harnett sold 800 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $65.35, for a total value of $52,280.00. Following the completion of the sale, the insider now directly owns 13,984 shares of the company’s stock, valued at approximately $913,854.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.76% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Logitech International
Institutional investors have recently added to or reduced their stakes in the stock. Glassman Wealth Services boosted its position in shares of Logitech International by 408.7% during the 4th quarter. Glassman Wealth Services now owns 524 shares of the technology company’s stock valued at $33,000 after acquiring an additional 421 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Logitech International by 233.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 551 shares of the technology company’s stock valued at $34,000 after acquiring an additional 386 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Logitech International during the 1st quarter valued at approximately $35,000. Belpointe Asset Management LLC bought a new position in shares of Logitech International during the 4th quarter valued at approximately $51,000. Finally, CWM LLC boosted its position in shares of Logitech International by 59.0% during the 4th quarter. CWM LLC now owns 916 shares of the technology company’s stock valued at $57,000 after acquiring an additional 340 shares during the last quarter. 34.50% of the stock is owned by hedge funds and other institutional investors.
Logitech International Company Profile
Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that connect people to working, creating, gaming, and streaming worldwide. The company offers pointing devices, such as wireless mouse; corded and cordless keyboards, living room keyboards, and keyboard-and-mouse combinations; PC webcams; and keyboards for tablets and smartphones, as well as other accessories for mobile devices.
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