Logitech International S.A. $LOGI Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Logitech stake by 74.6% in the third quarter, selling 779,958 shares and retaining 265,784 shares worth approximately $26.9 million.
• Logitech reported quarterly EPS of $1.85, beating the $1.26 consensus estimate, while revenue rose 7% year over year to $1.23 billion.
• Analyst sentiment is mixed but leans toward caution: the stock has a consensus “Hold” rating and an average price target of $104.14, roughly in line with its $104.41 share price.

Assenagon Asset Management S.A. lessened its holdings in Logitech International S.A. (NASDAQ:LOGI - Free Report) by 74.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 265,784 shares of the technology company's stock after selling 779,958 shares during the quarter. Assenagon Asset Management S.A. owned 0.18% of Logitech International worth $26,872,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of LOGI. First Citizens Bank & Trust Co. bought a new position in shares of Logitech International in the third quarter worth about $639,000. NorthCrest Asset Manangement LLC acquired a new stake in shares of Logitech International during the 3rd quarter worth approximately $439,000. Farther Finance Advisors LLC bought a new position in shares of Logitech International during the 3rd quarter worth about $117,000. MassMutual Private Wealth & Trust FSB acquired a new position in shares of Logitech International during the third quarter worth approximately $64,000. Finally, QRG Capital Management Inc. raised its holdings in Logitech International by 19.3% during the second quarter. QRG Capital Management Inc. now owns 30,309 shares of the technology company's stock worth $2,850,000 after buying an additional 4,912 shares during the last quarter. 45.76% of the stock is currently owned by institutional investors.

Logitech International Stock Performance

LOGI stock opened at $104.41 on Monday. The firm has a 50 day moving average price of $101.05 and a 200-day moving average price of $102.45. Logitech International S.A. has a 52-week low of $83.32 and a 52-week high of $129.66. The firm has a market capitalization of $15.31 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 3.79 and a beta of 1.14.

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 (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.59. Logitech International had a return on equity of 37.30% and a net margin of 16.28%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the firm earned $1.26 EPS. Logitech International's quarterly revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Logitech International S.A. will post 5.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Samantha Harnett sold 16,265 shares of the company's stock in a transaction on 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 sale, the insider directly owned 37,097 shares in the company, valued at $3,759,780.95. This represents a 30.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. JPMorgan Chase & Co. decreased their price target on Logitech International from $102.00 to $94.00 and set a "neutral" rating for the company in a research report on Tuesday, October 13th. Wall Street Zen downgraded shares of Logitech International from a "buy" rating to a "hold" rating in a report on Monday, September 28th. Bank of America lowered 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. Barclays reduced their price objective on Logitech International from $105.00 to $101.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded Logitech International from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently 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.

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