JPMorgan Chase & Co. Has Lowered Expectations for Logitech International (NASDAQ:LOGI) Stock Price

Key Points

• JPMorgan lowered Logitech’s price target from $102 to $94 while maintaining a “neutral” rating, implying 8.89% downside from the prior close.
• Analyst sentiment remains mixed, with Logitech holding a consensus “Hold” rating and an average price target of $104.14; targets range from $86 to $130.
• Logitech recently exceeded quarterly expectations, reporting $1.85 in EPS versus the $1.26 consensus and revenue of $1.23 billion, up 7% year over year.

Logitech International (NASDAQ:LOGI - Get Free Report) had its price target dropped by stock analysts at JPMorgan Chase & Co. from $102.00 to $94.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective points to a potential downside of 8.89% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. Bank of America cut shares of Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 price target for the company. in a report on Tuesday, June 30th. Morgan Stanley cut their price objective on shares of Logitech International from $89.00 to $88.00 and set an "underweight" rating on the stock in a research report on Wednesday, July 8th. Barclays reduced their target price on Logitech International from $105.00 to $101.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 29th. Wedbush decreased their target price on Logitech International from $135.00 to $130.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded Logitech International from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $104.14.

Logitech International Price Performance

NASDAQ LOGI traded up $4.84 during mid-day trading on Tuesday, reaching $103.17. 545,557 shares of the stock were exchanged, compared to its average volume of 1,070,040. The stock has a market cap of $15.12 billion, a P/E ratio of 18.92, a P/E/G ratio of 3.58 and a beta of 1.14. Logitech International has a one year low of $83.32 and a one year high of $129.66. The stock has a 50 day simple moving average of $101.26 and a 200-day simple moving average of $102.12.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The technology company reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.59. The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.20 billion. Logitech International had a return on equity of 37.30% and a net margin of 16.28%. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.26 EPS. Sell-side analysts anticipate that Logitech International will post 5.24 EPS for the current fiscal year.

Insider Buying and Selling at Logitech International

In other news, insider Samantha Harnett sold 16,265 shares of Logitech International stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $101.35, for a total transaction of $1,648,457.75. Following the completion of the transaction, the insider directly owned 37,097 shares in the company, valued at $3,759,780.95. This trade represents a 30.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Logitech International

Large investors have recently added to or reduced their stakes in the business. NorthCrest Asset Manangement LLC acquired a new position in Logitech International during the 3rd quarter valued at about $439,000. Farther Finance Advisors LLC purchased a new stake in shares of Logitech International in the third quarter worth approximately $117,000. MassMutual Private Wealth & Trust FSB purchased a new stake in shares of Logitech International in the third quarter worth approximately $64,000. QRG Capital Management Inc. raised its stake in shares of Logitech International by 19.3% in the second quarter. QRG Capital Management Inc. now owns 30,309 shares of the technology company's stock worth $2,850,000 after purchasing an additional 4,912 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Logitech International by 3.6% in the second quarter. Envestnet Asset Management Inc. now owns 139,436 shares of the technology company's stock valued at $13,112,000 after purchasing an additional 4,831 shares in the last quarter. Institutional investors own 45.76% of the company's stock.

Logitech International Company Profile

Logitech International is a technology company that designs and develops hardware and software intended to help people connect, create, communicate and interact with digital devices. Its products are sold to consumers, businesses, educators, gamers, streamers and other professional users through retailers, online channels and business partners worldwide.

The company's product portfolio includes computer mice and keyboards, webcams, headsets, microphones, speakers, presentation devices and accessories.

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