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 $105.00 to $75.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Citigroup’s target price suggests a potential upside of 3.04% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Wedbush raised Logitech International from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $100.00 to $125.00 in a research report on Friday, March 7th. Bank of America raised shares of Logitech International from an “underperform” rating to a “neutral” rating and decreased their price objective for the stock from $90.00 to $73.00 in a research note on Friday, April 4th. Barclays increased their target price on Logitech International from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Kepler Capital Markets raised Logitech International from a “hold” rating to a “buy” rating in a research report on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded Logitech International from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $93.43.

Logitech International Price Performance

NASDAQ LOGI opened at $72.79 on Monday. The business’s 50-day simple moving average is $90.35 and its 200-day simple moving average is $86.89. The firm has a market capitalization of $11.51 billion, a P/E ratio of 17.09, a P/E/G ratio of 2.61 and a beta of 0.97. Logitech International has a 1-year low of $64.73 and a 1-year high of $105.65.

Logitech International (NASDAQ:LOGI) last issued 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 net margin of 14.38% and a return on equity of 30.53%. On average, equities research analysts expect that Logitech International will post 4.21 EPS for the current fiscal year.

Logitech International announced that its board has authorized a share buyback program on Wednesday, March 5th that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, insider Samantha Harnett sold 300 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $96.60, for a total value of $28,980.00. Following the completion of the transaction, the insider now directly owns 7,348 shares of the company’s stock, valued at approximately $709,816.80. This represents a 3.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Logitech International

Several large investors have recently made changes to their positions in the company. Barclays PLC raised its stake in shares of Logitech International by 8.2% in the fourth quarter. Barclays PLC now owns 5,445,157 shares of the technology company’s stock valued at $448,409,000 after acquiring an additional 414,236 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Logitech International by 34.2% during the fourth quarter. Vontobel Holding Ltd. now owns 4,872,324 shares of the technology company’s stock worth $402,802,000 after purchasing an additional 1,240,478 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Logitech International by 2.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,148,266 shares of the technology company’s stock valued at $341,610,000 after buying an additional 85,278 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Logitech International by 6.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,598,068 shares of the technology company’s stock valued at $215,127,000 after buying an additional 146,338 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in Logitech International by 13.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,273,518 shares of the technology company’s stock worth $188,254,000 after buying an additional 266,167 shares in the last quarter. Institutional investors own 45.76% of the company’s stock.

Logitech International Company Profile

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.