Logitech International (NASDAQ:LOGI) Upgraded by Bank of America to Neutral Rating

Logitech International (NASDAQ:LOGI) was upgraded by Bank of America from an “underperform” rating to a “neutral” rating in a report released on Friday, Marketbeat Ratings reports. The brokerage presently has a $73.00 price target on the technology company’s stock. Bank of America‘s target price indicates a potential upside of 2.23% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Morgan Stanley raised shares of Logitech International from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $73.00 to $92.00 in a report on Thursday, January 23rd. Citigroup lifted their target price on Logitech International from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Wedbush upgraded Logitech International from a “neutral” rating to an “outperform” rating and increased their price target for the company from $100.00 to $125.00 in a report on Friday, March 7th. StockNews.com cut shares of Logitech International from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Finally, Kepler Capital Markets raised shares of Logitech International from a “hold” rating to a “buy” rating in a research note on Thursday, January 30th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Logitech International has an average rating of “Hold” and an average target price of $97.71.

Logitech International Price Performance

Shares of LOGI opened at $71.41 on Friday. The stock has a market capitalization of $11.29 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 2.61 and a beta of 0.73. Logitech International has a 1 year low of $68.18 and a 1 year high of $105.65. The business’s 50 day simple moving average is $95.54 and its 200-day simple moving average is $88.02.

Logitech International (NASDAQ:LOGI) last announced its quarterly earnings results on Tuesday, January 28th. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate 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, sell-side analysts expect that Logitech International will post 4.21 earnings per share for the current year.

Logitech International declared that its board has approved a stock buyback program on Wednesday, March 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Logitech International

In other Logitech International news, insider Samantha Harnett sold 300 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $96.60, for a total value of $28,980.00. Following the transaction, the insider now directly owns 7,348 shares in the company, valued at $709,816.80. This represents a 3.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is currently owned by company insiders.

Institutional Trading of Logitech International

Large investors have recently modified their holdings of the company. Janney Montgomery Scott LLC raised its position in Logitech International by 4,876.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 167,552 shares of the technology company’s stock valued at $13,798,000 after purchasing an additional 164,185 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Logitech International by 8.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 16,211 shares of the technology company’s stock worth $1,455,000 after acquiring an additional 1,206 shares during the period. Bank of New York Mellon Corp grew its holdings in Logitech International by 5.7% during the 4th quarter. Bank of New York Mellon Corp now owns 351,097 shares of the technology company’s stock worth $28,913,000 after acquiring an additional 18,986 shares in the last quarter. US Bancorp DE increased its position in Logitech International by 5.6% during the 4th quarter. US Bancorp DE now owns 8,344 shares of the technology company’s stock valued at $687,000 after purchasing an additional 446 shares during the period. Finally, World Investment Advisors LLC bought a new stake in shares of Logitech International in the 3rd quarter valued at about $12,597,000. Hedge funds and other 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.