Crossmark Global Holdings Inc. Acquires New Shares in Logitech International S.A. $LOGI

Key Points

• Crossmark Global Holdings acquired 142,307 Logitech shares in the third quarter, valued at approximately $14.4 million and representing about 0.10% of the company. Other institutional investors also increased their positions, with institutions collectively owning 45.76% of Logitech.
• Logitech reported quarterly earnings of $1.85 per share, beating estimates of $1.26, while revenue reached $1.23 billion, up 7% year over year. The company posted a 16.28% net margin and 37.30% return on equity.
• Analyst sentiment remains mixed: Logitech has a consensus “Hold” rating and an average price target of $104.14, below the reported share price of $110.34. An insider also sold 16,265 shares under a pre-arranged trading plan.

Crossmark Global Holdings Inc. acquired a new position in Logitech International S.A. (NASDAQ:LOGI - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 142,307 shares of the technology company's stock, valued at approximately $14,372,000. Crossmark Global Holdings Inc. owned approximately 0.10% of Logitech International as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in LOGI. Assenagon Asset Management S.A. lifted its holdings in shares of Logitech International by 2,227.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,045,742 shares of the technology company's stock valued at $98,189,000 after acquiring an additional 1,000,805 shares in the last quarter. Amundi increased its holdings in Logitech International by 51.2% in the 1st quarter. Amundi now owns 1,665,096 shares of the technology company's stock valued at $151,724,000 after purchasing an additional 563,564 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Logitech International by 26.6% in the 1st quarter. Renaissance Technologies LLC now owns 2,072,508 shares of the technology company's stock valued at $188,847,000 after purchasing an additional 435,000 shares in the last quarter. SEB Asset Management AB acquired a new stake in Logitech International in the 1st quarter valued at $27,567,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Logitech International in the second quarter valued at about $18,281,000. Hedge funds and other institutional investors own 45.76% of the company's stock.

Logitech International Price Performance

Shares of LOGI stock opened at $110.34 on Thursday. Logitech International S.A. has a 12 month low of $83.32 and a 12 month high of $129.66. The firm has a market capitalization of $16.17 billion, a P/E ratio of 20.25, a P/E/G ratio of 3.97 and a beta of 1.14. The company's fifty day moving average price is $101.35 and its two-hundred day moving average price is $102.82.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The technology company reported $1.85 earnings per share for the quarter, beating analysts' consensus estimates of $1.26 by $0.59. The company had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.20 billion. Logitech International had a net margin of 16.28% and a return on equity of 37.30%. The firm's revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.26 EPS. On average, sell-side analysts anticipate that Logitech International S.A. will post 5.26 EPS for the current year.

Insider Activity at Logitech International

In related news, insider Samantha Harnett sold 16,265 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $101.35, for a total value of $1,648,457.75. Following the completion of the transaction, the insider owned 37,097 shares of the company's stock, valued at approximately $3,759,780.95. This represents a 30.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

LOGI has been the topic of a number of recent research reports. Morgan Stanley reduced their price objective on Logitech International from $89.00 to $88.00 and set an "underweight" rating on the stock in a research note on Wednesday, July 8th. Barclays lowered 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 dropped their target price on Logitech International from $135.00 to $130.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Wall Street Zen downgraded Logitech International from a "buy" rating to a "hold" rating in a report on Monday, September 28th. Finally, JPMorgan Chase & Co. reduced their price target on Logitech International from $102.00 to $94.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 13th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $104.14.

About Logitech International

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.