Assenagon Asset Management S.A. Increases Stake in Logitech International S.A. $LOGI

Key Points

• Assenagon Asset Management increased its Logitech stake by 2,227.1% in the second quarter, acquiring 1,000,805 additional shares for a total holding of 1.05 million shares valued at approximately $98.2 million.
• 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. The company also declared a $1.36 annual dividend.
• Logitech shares opened at $106.33, near the analyst consensus target of $107.86. Analyst sentiment remains mixed, with three Buy, five Hold and two Sell ratings.

Assenagon Asset Management S.A. boosted its stake in Logitech International S.A. (NASDAQ:LOGI - Free Report) by 2,227.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,045,742 shares of the technology company's stock after buying an additional 1,000,805 shares during the period. Assenagon Asset Management S.A. owned 0.71% of Logitech International worth $98,189,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of LOGI. Quarry LP bought a new stake in shares of Logitech International during the third quarter valued at approximately $30,000. CIBC Private Wealth Group LLC raised its holdings in Logitech International by 61.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 455 shares of the technology company's stock worth $46,000 after acquiring an additional 173 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position 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 valued at $52,000 after acquiring an additional 165 shares in the last quarter. Richardson Financial Services Inc. lifted its position in Logitech International by 101.5% in the 4th quarter. Richardson Financial Services Inc. now owns 663 shares of the technology company's stock valued at $66,000 after acquiring an additional 334 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Logitech International by 911.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 678 shares of the technology company's stock valued at $68,000 after purchasing an additional 611 shares during the last quarter. 45.76% of the stock is owned by institutional investors.

Logitech International Price Performance

Shares of LOGI stock opened at $106.33 on Friday. The company has a market capitalization of $15.59 billion, a P/E ratio of 19.51, a P/E/G ratio of 3.76 and a beta of 1.17. The company's 50-day simple moving average is $105.28 and its two-hundred day simple moving average is $98.86. Logitech International S.A. has a one year low of $83.32 and a one year high of $129.66.

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 for the quarter, beating the consensus estimate of $1.26 by $0.59. Logitech International had a net margin of 16.28% and a return on equity of 37.30%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm posted $1.26 earnings per share. The company's revenue was up 7.0% on a year-over-year basis. On average, research analysts expect that Logitech International S.A. will post 5.24 EPS for the current fiscal year.

Logitech International Cuts Dividend

The firm also recently declared an annual dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 22nd will be issued a $1.36 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a dividend yield of 126.0%.

Wall Street Analyst Weigh In

LOGI has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Logitech International from $123.00 to $120.00 and set a "neutral" rating on the stock in a report on Friday, July 31st. Bank of America cut shares of Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 price objective for the company. in a report on Tuesday, June 30th. Weiss Ratings upgraded shares of Logitech International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, May 22nd. Citigroup raised their target price on shares of Logitech International from $115.00 to $124.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Morgan Stanley cut their target price on shares of Logitech International from $89.00 to $88.00 and set an "underweight" rating for the company in a research report on Wednesday, July 8th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $107.86.

Logitech International Profile

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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