Entropy Technologies LP Raises Position in Logitech International S.A. $LOGI

Key Points

• Entropy Technologies LP increased its Logitech stake by 647% in the first quarter, purchasing 16,388 additional shares and bringing its holdings to 18,921 shares valued at approximately $1.724 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $109.57. Targets range from $86 to $135, including recent upgrades from Citigroup and Barclays and downgrades from Bank of America and Morgan Stanley.
• Logitech reported quarterly EPS of $1.13 versus the $1.10 consensus estimate, while revenue rose 7.4% year over year to $1.09 billion. Shares opened at $107.82, near the consensus target, and the company announced a $1.36 annual dividend.

Entropy Technologies LP increased its holdings in shares of Logitech International S.A. (NASDAQ:LOGI - Free Report) by 647.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,921 shares of the technology company's stock after buying an additional 16,388 shares during the quarter. Entropy Technologies LP's holdings in Logitech International were worth $1,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership boosted its holdings in Logitech International by 305.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,084,820 shares of the technology company's stock worth $227,859,000 after acquiring an additional 1,570,876 shares in the last quarter. Morgan Stanley increased its holdings in shares of Logitech International by 152.5% during the fourth quarter. Morgan Stanley now owns 2,190,070 shares of the technology company's stock valued at $219,489,000 after acquiring an additional 1,322,582 shares in the last quarter. Credit Agricole S A acquired a new position in shares of Logitech International during the third quarter valued at about $104,402,000. Norges Bank purchased a new position in shares of Logitech International in the 4th quarter valued at approximately $89,248,000. Finally, Marshall Wace LLP raised its position in shares of Logitech International by 131.2% in the 4th quarter. Marshall Wace LLP now owns 1,273,720 shares of the technology company's stock valued at $129,125,000 after purchasing an additional 722,887 shares during the last quarter. 45.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on LOGI. Bank of America downgraded shares of Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 target price on the stock. in a research report on Tuesday, June 30th. Citigroup lifted their price objective on shares of Logitech International from $115.00 to $124.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Morgan Stanley dropped their price objective on shares of Logitech International from $89.00 to $88.00 and set an "underweight" rating on the stock in a report on Wednesday, July 8th. Barclays upped their target price on Logitech International from $98.00 to $105.00 and gave the company an "equal weight" rating in a research report on Thursday, May 7th. Finally, Wedbush restated an "outperform" rating and issued a $135.00 target price on shares of Logitech International in a research note on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $109.57.

Logitech International Stock Up 1.9%

Shares of NASDAQ LOGI opened at $107.82 on Tuesday. Logitech International S.A. has a 52 week low of $83.32 and a 52 week high of $129.66. The business's 50 day moving average price is $106.20 and its 200 day moving average price is $98.33. The firm has a market cap of $15.81 billion, a P/E ratio of 22.46, a P/E/G ratio of 4.43 and a beta of 1.17.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.03. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. Logitech International had a net margin of 14.69% and a return on equity of 34.09%. Logitech International's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $0.93 EPS. As a group, research analysts expect that Logitech International S.A. will post 5.21 earnings per share for the current year.

Logitech International Cuts Dividend

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

Logitech International Company 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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