Logitech International (LOGI) Lowered to “Hold” at Zacks Investment Research

Logitech International (NASDAQ:LOGI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “Logitech is benefitting from robust sales across product categories and strong momentum in Video Collaboration, Gaming and Tablet & Accessories businesses. Moreover, with increasing customer interaction with digital content, Logitech is placed well with its products helping people connect with digital and cloud-based platforms. Growing adoption of new mobile platforms in both mature and emerging markets are fueling the demand for Logitech’s peripherals and accessories. Notably, Logitech’s shares have outperformed the industry year-to-date. However, Logitech’s Mobile Speakers and Smart Home businesses have been on a downtrend. The rising trend of smaller, mobile computing devices with touch interfaces and the declining popularity of desktop PCs can be a headwind for the company. Moewover, sovereign debt issues in Europe, and political tensions between Russia and Ukraine are posing risks for Logitech. “

LOGI has been the topic of a number of other research reports. ValuEngine cut Logitech International from a “buy” rating to a “hold” rating in a report on Thursday, September 6th. BidaskClub raised Logitech International from a “buy” rating to a “strong-buy” rating in a report on Friday, June 8th. DA Davidson raised their price target on Logitech International to $55.00 and gave the company a “buy” rating in a report on Monday, July 23rd. Citigroup raised their price target on Logitech International from $47.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Finally, Loop Capital raised their price target on Logitech International to $53.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Logitech International has an average rating of “Hold” and an average price target of $49.60.

LOGI traded down $0.55 during trading on Monday, reaching $45.14. 3,179 shares of the company were exchanged, compared to its average volume of 216,535. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of 33.69, a price-to-earnings-growth ratio of 2.86 and a beta of 1.02. Logitech International has a 12-month low of $32.66 and a 12-month high of $49.96.

Logitech International (NASDAQ:LOGI) last issued its quarterly earnings data on Monday, July 30th. The technology company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.07. The business had revenue of $608.48 million for the quarter, compared to analysts’ expectations of $584.37 million. Logitech International had a return on equity of 24.63% and a net margin of 7.97%. During the same quarter in the prior year, the firm posted $0.24 EPS. research analysts predict that Logitech International will post 1.6 earnings per share for the current year.

In other Logitech International news, CEO Bracken Darrell sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $45.66, for a total value of $4,566,000.00. Following the sale, the chief executive officer now owns 712,137 shares of the company’s stock, valued at approximately $32,516,175.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Financial Gravity Wealth Inc. purchased a new stake in shares of Logitech International in the 1st quarter valued at about $144,000. Bailard Inc. purchased a new stake in shares of Logitech International in the 2nd quarter valued at about $206,000. Millennium Management LLC purchased a new position in shares of Logitech International during the 1st quarter valued at about $207,000. Cutler Group LP raised its holdings in shares of Logitech International by 143.7% during the 2nd quarter. Cutler Group LP now owns 5,508 shares of the technology company’s stock valued at $241,000 after buying an additional 3,248 shares in the last quarter. Finally, BlackRock Inc. purchased a new position in shares of Logitech International during the 1st quarter valued at about $314,000. 36.45% of the stock is currently owned by hedge funds and other institutional investors.

About Logitech International

Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms worldwide. The company offers portable wireless Bluetooth and Wi-Fi speakers, PC speakers, PC headsets, in-ear headphones, and wireless audio wearables; gaming mice, keyboards, headsets, mousepads, and steering wheels and flight sticks; and audio and video, and other products that connect small and medium sized user groups.

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