Logitech International (NASDAQ:LOGI) Receives “Underweight” Rating from Morgan Stanley

Morgan Stanley restated their underweight rating on shares of Logitech International (NASDAQ:LOGI) in a research report sent to investors on Monday, Marketbeat reports. Morgan Stanley currently has a $75.00 price objective on the technology company’s stock, down from their previous price objective of $85.00.

A number of other equities analysts also recently weighed in on the stock. Barclays lifted their target price on shares of Logitech International from $96.00 to $104.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Wedbush reaffirmed a neutral rating and issued a $92.00 price target on shares of Logitech International in a research note on Monday, March 18th. Citigroup lifted their price target on shares of Logitech International from $98.00 to $100.00 and gave the company a neutral rating in a research note on Thursday, April 4th. Berenberg Bank assumed coverage on shares of Logitech International in a research note on Thursday, March 14th. They issued a buy rating and a $111.00 price target for the company. Finally, StockNews.com downgraded shares of Logitech International from a strong-buy rating to a buy rating in a research note on Thursday, March 14th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $92.43.

Logitech International Stock Down 6.4 %

Shares of NASDAQ LOGI opened at $81.26 on Monday. Logitech International has a twelve month low of $53.91 and a twelve month high of $96.66. The firm has a fifty day simple moving average of $88.35 and a 200 day simple moving average of $85.90. The company has a market capitalization of $12.85 billion, a PE ratio of 26.56, a P/E/G ratio of 1.79 and a beta of 0.74.

Logitech International (NASDAQ:LOGI) last announced its earnings results on Monday, January 22nd. The technology company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.43. Logitech International had a net margin of 11.44% and a return on equity of 23.84%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.23 billion. As a group, equities analysts expect that Logitech International will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at Logitech International

In other news, COO Prakash Arunkundrum sold 699 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $90.00, for a total transaction of $62,910.00. Following the completion of the sale, the chief operating officer now directly owns 67,848 shares of the company’s stock, valued at $6,106,320. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Samantha Harnett sold 650 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $84.17, for a total transaction of $54,710.50. Following the transaction, the insider now directly owns 11,910 shares in the company, valued at $1,002,464.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Prakash Arunkundrum sold 699 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $90.00, for a total transaction of $62,910.00. Following the transaction, the chief operating officer now owns 67,848 shares in the company, valued at $6,106,320. The disclosure for this sale can be found here. Insiders sold a total of 24,572 shares of company stock valued at $2,207,555 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LOGI. Norges Bank purchased a new position in Logitech International during the fourth quarter worth about $238,096,000. Envestnet Asset Management Inc. boosted its stake in Logitech International by 3,263.7% in the first quarter. Envestnet Asset Management Inc. now owns 950,573 shares of the technology company’s stock valued at $1,520,000 after acquiring an additional 922,313 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Logitech International by 36.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,822,286 shares of the technology company’s stock valued at $267,457,000 after acquiring an additional 760,263 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Logitech International by 62.2% in the second quarter. Alliancebernstein L.P. now owns 1,585,481 shares of the technology company’s stock valued at $94,178,000 after acquiring an additional 608,262 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Logitech International by 24.0% in the first quarter. Invesco Ltd. now owns 2,409,946 shares of the technology company’s stock valued at $177,807,000 after acquiring an additional 466,632 shares during the last quarter. 45.76% of the stock is currently owned by hedge funds and other institutional investors.

Logitech International Company Profile

Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that connect people to working, creating, gaming, and streaming worldwide. The company offers pointing devices, such as wireless mouse; corded and cordless keyboards, living room keyboards, and keyboard-and-mouse combinations; PC webcams; and keyboards for tablets and smartphones, as well as other accessories for mobile devices.