Assenagon Asset Management S.A. Sells 644,971 Shares of Logitech International S.A. $LOGI

Key Points

• Assenagon Asset Management sharply reduced its Logitech stake by 93.5% in Q1, selling 644,971 shares and leaving it with 44,937 shares worth about $4.0 million.
• Logitech’s latest quarterly results topped expectations, with EPS of $1.13 versus $1.10 expected and revenue of $1.09 billion versus $1.08 billion expected, while revenue rose 7.4% year over year.
• Analysts remain cautious overall: the stock has a Hold consensus rating with an average price target of $113.67, though several firms recently raised targets or maintained bullish ratings.

Assenagon Asset Management S.A. cut its stake in Logitech International S.A. (NASDAQ:LOGI - Free Report) by 93.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,937 shares of the technology company's stock after selling 644,971 shares during the period. Assenagon Asset Management S.A.'s holdings in Logitech International were worth $4,047,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Quarry LP bought a new position in Logitech International in the 3rd quarter worth approximately $30,000. CIBC Private Wealth Group LLC increased its stake in shares of Logitech International by 61.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 455 shares of the technology company's stock valued at $46,000 after buying an additional 173 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Logitech International by 40.1% during the second 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 during the last quarter. Richardson Financial Services Inc. lifted its stake in shares of Logitech International by 101.5% during the fourth 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 during the period. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Logitech International by 911.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 678 shares of the technology company's stock valued at $68,000 after acquiring an additional 611 shares during the period. 45.76% of the stock is currently owned by institutional investors and hedge funds.

Logitech International Price Performance

Shares of NASDAQ:LOGI opened at $98.63 on Tuesday. The firm's 50 day simple moving average is $106.54 and its 200 day simple moving average is $99.15. Logitech International S.A. has a fifty-two week low of $83.32 and a fifty-two week high of $129.66. The company has a market capitalization of $14.46 billion, a price-to-earnings ratio of 20.55, a P/E/G ratio of 2.48 and a beta of 1.13.

Logitech International (NASDAQ:LOGI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.03. The firm had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.08 billion. Logitech International had a net margin of 14.69% and a return on equity of 34.09%. The business's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 earnings per share. Equities research analysts expect that Logitech International S.A. will post 5.16 earnings per share for the current 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 given a dividend of $1.36 per share. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a dividend yield of 126.0%. Logitech International's dividend payout ratio (DPR) is currently 10.88%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on LOGI shares. Citigroup upped their target price on shares of Logitech International from $115.00 to $124.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Wall Street Zen cut shares of Logitech International from a "buy" rating to a "hold" rating in a research report on Sunday, April 26th. Wedbush reissued an "outperform" rating and set a $135.00 price target on shares of Logitech International in a research note on Wednesday, May 6th. Weiss Ratings upgraded shares of Logitech International from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, May 22nd. Finally, Barclays raised their price objective on shares of Logitech International from $98.00 to $105.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $113.67.

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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