Logitech International (NASDAQ:LOGI) Insider Sells $1,648,457.75 in Stock

Key Points

• Logitech insider Samantha Harnett sold 16,265 shares for approximately $1.65 million at an average price of $101.35, reducing her holdings by 30.48%. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Logitech shares recently traded near $100, with a market capitalization of about $14.71 billion and a 52-week range of $83.32 to $129.66. The stock is close to its 50-day and 200-day moving averages.
• The company exceeded quarterly expectations, reporting adjusted earnings of $1.85 per share versus a $1.26 consensus estimate and revenue of $1.23 billion, up 7% year over year. Analysts collectively rate the stock “Hold,” with an average price target of $105.29.

Logitech International S.A. (NASDAQ:LOGI - Get Free Report) insider Samantha Harnett sold 16,265 shares of the firm'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 transaction, the insider owned 37,097 shares of the company's stock, valued at $3,759,780.95. This trade represents a 30.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Logitech International Price Performance

Logitech International stock traded down $2.34 during trading hours on Monday, hitting $100.36. 583,181 shares of the stock traded hands, compared to its average volume of 1,118,164. The firm's 50 day moving average price is $101.59 and its 200-day moving average price is $100.64. The stock has a market capitalization of $14.71 billion, a price-to-earnings ratio of 18.41, a P/E/G ratio of 3.79 and a beta of 1.18. Logitech International S.A. has a 1 year low of $83.32 and a 1 year high of $129.66.

Logitech International (NASDAQ:LOGI - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $1.20 billion. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the business posted $1.26 earnings per share. Research analysts forecast that Logitech International S.A. will post 5.18 earnings per share for the current fiscal year.

Logitech International Cuts Dividend

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

Wall Street Analyst Weigh In

LOGI has been the topic of a number of research reports. Barclays cut their price objective on shares of Logitech International from $105.00 to $101.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. JPMorgan Chase & Co. lowered their price target on shares of Logitech International from $120.00 to $102.00 and set a "neutral" rating on the stock in a report on Thursday, August 20th. Wall Street Zen downgraded Logitech International from a "buy" rating to a "hold" rating in a research report on Saturday. Morgan Stanley reduced their price objective on Logitech International from $89.00 to $88.00 and set an "underweight" rating for the company in a research note on Wednesday, July 8th. Finally, Wedbush lowered their target price on Logitech International from $135.00 to $130.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $105.29.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Barclays PLC increased its stake in shares of Logitech International by 16.0% in the 4th quarter. Barclays PLC now owns 3,275,064 shares of the technology company's stock valued at $328,227,000 after purchasing an additional 451,357 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Logitech International by 43.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,991,627 shares of the technology company's stock worth $304,151,000 after purchasing an additional 906,807 shares in the last quarter. Renaissance Technologies LLC boosted its position in Logitech International by 26.6% during the first quarter. Renaissance Technologies LLC now owns 2,072,508 shares of the technology company's stock worth $188,847,000 after purchasing an additional 435,000 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in Logitech International by 57.4% in the fourth quarter. Allianz Asset Management GmbH now owns 1,556,342 shares of the technology company's stock valued at $160,175,000 after purchasing an additional 567,810 shares during the period. Finally, Amundi grew its holdings in Logitech International by 51.2% in the first 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 during the period. Institutional investors and hedge funds own 45.76% of the company's stock.

About Logitech International

Logitech International is a technology company that designs and develops hardware and software for connecting people to digital devices and platforms. Its products are used by consumers, businesses, educators, content creators and gamers, with offerings spanning personal computing, communication, collaboration and entertainment.

The company's portfolio includes mice, keyboards, webcams, headsets, speakers, docking stations and other computer accessories. Logitech also provides video-conferencing systems and related collaboration products for meeting rooms and workplaces, as well as gaming peripherals, streaming equipment and accessories sold under brands such as Logitech G and ASTRO.

Founded in 1981 in Apples, Switzerland, Logitech serves customers internationally through retail, e-commerce and business-to-business channels.

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