Wall Street Zen Upgrades Logitech International (NASDAQ:LOGI) to Buy

Key Points

• Wall Street Zen upgraded Logitech International from “hold” to “buy,” while the broader analyst consensus remains “hold,” with an average price target of $105.29.
• Logitech reported quarterly earnings of $1.85 per share, beating estimates of $1.26, while revenue rose 7% year over year to $1.23 billion.
• Shares recently traded at $97.96, below their 50-day and 200-day moving averages; institutional investors own approximately 45.76% of the company.

Logitech International (NASDAQ:LOGI - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

Other analysts have also issued reports about the stock. Weiss Ratings reissued a "buy (b-)" rating on shares of Logitech International in a research note on Wednesday, August 19th. JPMorgan Chase & Co. dropped their price target on Logitech International from $120.00 to $102.00 and set a "neutral" rating on the stock in a report on Thursday, August 20th. Morgan Stanley cut their price objective on Logitech International from $89.00 to $88.00 and set an "underweight" rating for the company in a research report on Wednesday, July 8th. Wedbush reduced their price objective on Logitech International from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Finally, Barclays decreased their target price on Logitech International from $105.00 to $101.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Three 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, the company currently has a consensus rating of "Hold" and an average target price of $105.29.

Logitech International Price Performance

Shares of Logitech International stock traded down $0.06 on Friday, hitting $97.96. The company had a trading volume of 480,156 shares, compared to its average volume of 802,255. Logitech International has a 52 week low of $83.32 and a 52 week high of $129.66. The company has a market cap of $14.36 billion, a PE ratio of 17.97, a PEG ratio of 3.64 and a beta of 1.17. The business has a 50-day simple moving average of $101.30 and a 200-day simple moving average of $99.86.

Logitech International (NASDAQ:LOGI - Get Free Report) last announced its earnings results on Tuesday, July 28th. The technology company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.59. Logitech International had a return on equity of 37.30% and a net margin of 16.28%.The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter last year, the business posted $1.26 earnings per share. The company's quarterly revenue was up 7.0% on a year-over-year basis. On average, equities research analysts predict that Logitech International will post 5.15 earnings per share for the current fiscal year.

Institutional Trading of Logitech International

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in shares of Logitech International by 61.2% during the first quarter. AQR Capital Management LLC now owns 4,175 shares of the technology company's stock valued at $352,000 after buying an additional 1,585 shares in the last quarter. Rhumbline Advisers lifted its stake in Logitech International by 3.3% in the 2nd quarter. Rhumbline Advisers now owns 4,732 shares of the technology company's stock worth $426,000 after acquiring an additional 152 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Logitech International by 40.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 576 shares of the technology company's stock worth $52,000 after acquiring an additional 165 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Logitech International by 13.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,779 shares of the technology company's stock worth $160,000 after acquiring an additional 206 shares during the period. Finally, Guggenheim Capital LLC boosted its position in Logitech International by 1.3% during the 2nd quarter. Guggenheim Capital LLC now owns 10,182 shares of the technology company's stock worth $918,000 after acquiring an additional 126 shares during the period. Hedge funds and other institutional investors own 45.76% of the company's stock.

About Logitech International

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company's product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.

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