Logitech International (NASDAQ:LOGI) Given New $88.00 Price Target at Morgan Stanley

Logitech International (NASDAQ:LOGI) had its price target reduced by Morgan Stanley from $89.00 to $88.00 in a research note released on Wednesday,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

Several other brokerages have also recently weighed in on LOGI. Wall Street Zen cut Logitech International from a “buy” rating to a “hold” rating in a report on Sunday, April 26th. Wedbush reiterated an “outperform” rating and set a $135.00 price objective on shares of Logitech International in a research report on Wednesday, May 6th. Barclays boosted their price objective on Logitech International from $98.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Weiss Ratings upgraded Logitech International from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Finally, Bank of America downgraded Logitech International from a “neutral” rating to an “underperform” rating and set a $86.00 target price for the company. in a research note on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Logitech International currently has an average rating of “Hold” and an average price target of $109.57.

Logitech International Price Performance

Shares of Logitech International stock opened at $97.86 on Wednesday. The firm has a fifty day moving average price of $106.27 and a 200 day moving average price of $98.30. Logitech International has a 1 year low of $83.32 and a 1 year high of $129.66. The stock has a market cap of $14.35 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 4.10 and a beta of 1.17.

Logitech International (NASDAQ:LOGI) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $0.93 earnings per share. Logitech International’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, equities analysts expect that Logitech International will post 5.16 EPS for the current year.

Logitech International Cuts Dividend

The firm also recently announced an annual dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 22nd will be given a dividend of $1.36 per share. This represents a dividend yield of 126.0%. The ex-dividend date of this dividend is Tuesday, September 22nd.

Institutional Trading of Logitech International

A number of large investors have recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of Logitech International during the third quarter worth $30,000. CIBC Private Wealth Group LLC grew its position in shares of Logitech International by 61.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 455 shares of the technology company’s stock valued at $46,000 after purchasing an additional 173 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Logitech International by 40.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 576 shares of the technology company’s stock valued at $52,000 after buying an additional 165 shares during the last quarter. Richardson Financial Services Inc. increased its position in Logitech International by 101.5% during the 4th quarter. Richardson Financial Services Inc. now owns 663 shares of the technology company’s stock worth $66,000 after purchasing an additional 334 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in Logitech International by 911.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 678 shares of the technology company’s stock valued at $68,000 after purchasing an additional 611 shares during the last quarter. 45.76% of the stock is owned by institutional investors and hedge funds.

About Logitech International

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.