Logitech International (NASDAQ:LOGI) had its price target upped by Citigroup from $60.00 to $73.00 in a research note published on Wednesday, The Fly reports. They currently have a buy rating on the technology company’s stock.
Several other equities analysts have also commented on the company. UBS Group raised Logitech International from a sell rating to a neutral rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. cut shares of Logitech International from an overweight rating to a neutral rating and set a $57.00 target price on the stock. in a research report on Thursday, May 21st. They noted that the move was a valuation call. DA Davidson upped their target price on shares of Logitech International from $64.00 to $70.00 and gave the company a buy rating in a research note on Thursday, June 4th. Wedbush downgraded shares of Logitech International from an outperform rating to a neutral rating and lifted their price target for the stock from $63.00 to $65.00 in a research note on Wednesday, June 24th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Logitech International from a sell rating to a hold rating and set a $47.00 price objective for the company in a research report on Tuesday, April 7th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of Hold and an average price target of $56.63.
Shares of LOGI stock opened at $64.93 on Wednesday. The company has a market cap of $10.84 billion, a PE ratio of 34.17 and a beta of 1.02. The company’s fifty day simple moving average is $59.25 and its 200-day simple moving average is $48.40. Logitech International has a 52 week low of $31.37 and a 52 week high of $65.56.
Logitech International announced that its Board of Directors has authorized a stock buyback plan on Wednesday, May 27th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other Logitech International news, CEO Bracken Darrell sold 28,562 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $45.06, for a total transaction of $1,287,003.72. Following the sale, the chief executive officer now directly owns 752,469 shares of the company’s stock, valued at $33,906,253.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Prakash Arunkundrum sold 10,059 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $59.26, for a total transaction of $596,096.34. The disclosure for this sale can be found here. Insiders have sold 398,031 shares of company stock worth $21,489,989 in the last 90 days. 1.70% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors lifted its holdings in Logitech International by 68.1% in the first quarter. Capital World Investors now owns 6,204,968 shares of the technology company’s stock worth $268,579,000 after acquiring an additional 2,513,039 shares during the last quarter. Pictet Asset Management Ltd. raised its position in shares of Logitech International by 1.0% during the 1st quarter. Pictet Asset Management Ltd. now owns 4,030,651 shares of the technology company’s stock worth $174,300,000 after purchasing an additional 40,244 shares during the period. Norges Bank bought a new stake in shares of Logitech International in the 4th quarter worth approximately $184,009,000. Jackson Square Partners LLC lifted its holdings in shares of Logitech International by 6.8% in the 4th quarter. Jackson Square Partners LLC now owns 2,802,839 shares of the technology company’s stock worth $132,826,000 after purchasing an additional 177,385 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Logitech International by 1.7% during the 4th quarter. Renaissance Technologies LLC now owns 2,440,813 shares of the technology company’s stock valued at $115,109,000 after purchasing an additional 41,313 shares during the period. Hedge funds and other institutional investors own 36.25% of the company’s stock.
Logitech International Company Profile
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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