Logitech International S.A. $LOGI Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management trimmed its stake in Logitech by 1.6% in Q4, selling 49,042 shares and leaving it with 3,061,513 shares valued at about $315.1 million.
• Analyst sentiment has cooled: the consensus rating is "Hold" with a consensus price target of $106.29, after several firms cut targets or downgraded the stock (e.g., Citigroup to $115, Barclays to $98).
• Logitech recently beat estimates with Q quarterly EPS of $1.93 vs. $1.78 expected and revenue of $1.42B (up 6.1% YoY); the company has a market cap near $14.0B and a P/E of about 19.96.

Pictet Asset Management Holding SA lessened its holdings in shares of Logitech International S.A. (NASDAQ:LOGI - Free Report) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,061,513 shares of the technology company's stock after selling 49,042 shares during the period. Pictet Asset Management Holding SA's holdings in Logitech International were worth $315,097,000 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 LOGI. Quarry LP acquired a new position in shares of Logitech International in the 3rd quarter valued at about $30,000. Mather Group LLC. purchased a new stake in shares of Logitech International during the 3rd quarter worth about $34,000. Westside Investment Management Inc. raised its stake in shares of Logitech International by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 326 shares of the technology company's stock worth $36,000 after buying an additional 163 shares during the period. Richardson Financial Services Inc. lifted its position in shares of Logitech International by 63.7% during the 3rd quarter. Richardson Financial Services Inc. now owns 329 shares of the technology company's stock valued at $36,000 after buying an additional 128 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings 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. 45.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Citigroup cut their target price on shares of Logitech International from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Tuesday, January 20th. BNP Paribas Exane cut Logitech International from an "outperform" rating to a "neutral" rating and set a $106.00 price target for the company. in a research report on Thursday, January 8th. Zacks Research lowered shares of Logitech International from a "strong-buy" rating to a "hold" rating in a report on Monday, December 29th. UBS Group cut shares of Logitech International from a "buy" rating to a "neutral" rating in a research note on Tuesday, March 17th. Finally, Barclays reiterated an "equal weight" rating and issued a $98.00 price objective (down from $134.00) on shares of Logitech International in a report on Friday, January 16th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Logitech International presently has a consensus rating of "Hold" and a consensus price target of $106.29.

Logitech International Stock Performance

Shares of LOGI opened at $95.39 on Monday. The firm has a 50-day moving average price of $92.64 and a 200 day moving average price of $101.07. The firm has a market capitalization of $13.98 billion, a P/E ratio of 19.96, a P/E/G ratio of 3.39 and a beta of 1.08. Logitech International S.A. has a 12-month low of $74.08 and a 12-month high of $123.01.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its quarterly earnings data on Tuesday, January 27th. The technology company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.15. Logitech International had a net margin of 14.94% and a return on equity of 33.57%. The firm had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter last year, the company posted $1.59 EPS. The firm's quarterly revenue was up 6.1% on a year-over-year basis. Equities research analysts predict that Logitech International S.A. will post 5.1 earnings per share for the current fiscal year.

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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