Logitech International (NASDAQ:LOGI) Stock Price Target Raised at Barclays

Key Points

• Barclays raised Logitech’s price target from $101 to $110 while maintaining an “equal weight” rating, implying 10.8% potential upside. The broader analyst consensus remains “Hold,” with an average target of $105.43.
• Logitech reported quarterly adjusted EPS of $1.51, beating the $1.34 consensus, while revenue reached $1.22 billion and rose 2.8% year over year.
• Shares fell 11.2% to $99.27 amid concerns about weaker GAAP profitability, margin pressure and free cash flow despite the earnings beat.

Logitech International (NASDAQ:LOGI - Get Free Report) had its target price upped by Barclays from $101.00 to $110.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the technology company's stock. Barclays's target price points to a potential upside of 10.80% from the company's current price.

LOGI has been the subject of several other reports. Wall Street Zen raised shares of Logitech International from a "hold" rating to a "buy" rating in a research report on Saturday. JPMorgan Chase & Co. lowered their target price on shares of Logitech International from $102.00 to $94.00 and set a "neutral" rating for the company in a research note on Tuesday, October 13th. Morgan Stanley dropped their target price on Logitech International from $89.00 to $88.00 and set an "underweight" rating on the stock in a report on Wednesday, July 8th. Weiss Ratings cut Logitech International from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday. Finally, Wedbush decreased their price target on Logitech International from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Logitech International presently has a consensus rating of "Hold" and a consensus price target of $105.43.

Logitech International Stock Down 11.2%

Logitech International stock traded down $12.55 during trading on Wednesday, reaching $99.27. The stock had a trading volume of 1,281,233 shares, compared to its average volume of 1,083,541. Logitech International has a 52-week low of $83.32 and a 52-week high of $129.66. The business has a 50 day moving average price of $102.01 and a 200 day moving average price of $99.71. The stock has a market cap of $14.55 billion, a PE ratio of 18.23 and a beta of 1.14.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The technology company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.34 by $0.17. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the firm earned $1.45 EPS. The company's revenue was up 2.8% on a year-over-year basis. On average, equities analysts predict that Logitech International will post 5.14 EPS for the current fiscal year.

Insider Buying and Selling

In other Logitech International news, insider Samantha Harnett sold 16,265 shares of the firm's stock in a transaction that occurred on 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 sale, the insider owned 37,097 shares of the company's stock, valued at approximately $3,759,780.95. This trade represents a 30.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Logitech International

Institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew its position in shares of Logitech International by 15.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 861 shares of the technology company's stock valued at $86,000 after buying an additional 114 shares during the last quarter. Fifth Third Bancorp lifted its position in Logitech International by 19.1% in the first quarter. Fifth Third Bancorp now owns 903 shares of the technology company's stock valued at $82,000 after acquiring an additional 145 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Logitech International by 4.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,019 shares of the technology company's stock valued at $364,000 after acquiring an additional 171 shares in the last quarter. Frank Rimerman Advisors LLC boosted its stake in Logitech International by 2.8% in the first quarter. Frank Rimerman Advisors LLC now owns 11,717 shares of the technology company's stock valued at $1,068,000 after acquiring an additional 317 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Logitech International by 14.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,485 shares of the technology company's stock worth $226,000 after purchasing an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 45.76% of the company's stock.

More Logitech International News

Here are the key news stories impacting Logitech International this week:

• Positive Sentiment: Logitech reported adjusted earnings of $1.51 per share, above the $1.34 analyst consensus, while revenue of $1.22 billion exceeded estimates of $1.21 billion and increased 2.8% year over year. Logitech Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: Growth in gaming and conferencing products supported the quarterly sales performance, and non-GAAP earnings and revenue rose from the prior-year period. Logitech beats profit forecast as sales of gaming and conferencing products rise
• Neutral Sentiment: Management issued a third-quarter outlook, giving investors new guidance to assess against current expectations, while analysts’ average price target was recently reported at $104.14. Logitech Fiscal Q2 Non-GAAP Earnings, Revenue Rise; Issues Q3 Outlook
• Negative Sentiment: Despite the adjusted earnings beat, reported earnings were lower than a year earlier, and investors focused on weaker GAAP profitability. The difference between GAAP and non-GAAP results raised concerns about the underlying quality of the earnings beat. Why Logitech Stock Crashed After Earnings
• Negative Sentiment: Analysts highlighted margin pressure and profit-taking, causing the strong headline results to be viewed as insufficient to support the stock’s valuation. The company also posted particularly weak free cash flow, adding to concerns about cash generation. Logitech sheds market value as margin concerns overshadow profit beat

Logitech International Company Profile

Logitech International designs and manufactures hardware and software that connect people to digital devices and support communication, collaboration, content creation and gaming. Its products are sold under the Logitech brand and are used by consumers, businesses, educators, gamers and other professional users worldwide.

The company's portfolio includes computer mice and keyboards, webcams, headsets, microphones, speakers, video-conferencing systems, presentation tools and gaming peripherals.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.