Investment Management Corp of Ontario Cuts Stake in Logitech International S.A. (NASDAQ:LOGI)

Investment Management Corp of Ontario reduced its position in shares of Logitech International S.A. (NASDAQ:LOGI - Free Report) by 54.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,387 shares of the technology company's stock after selling 22,052 shares during the quarter. Investment Management Corp of Ontario's holdings in Logitech International were worth $1,514,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC lifted its position in Logitech International by 64.2% in the third quarter. Barclays PLC now owns 5,030,921 shares of the technology company's stock worth $451,426,000 after buying an additional 1,967,133 shares during the last quarter. Norges Bank bought a new stake in Logitech International in the fourth quarter worth $156,888,000. Assenagon Asset Management S.A. lifted its position in Logitech International by 2,315.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,445,319 shares of the technology company's stock worth $119,673,000 after buying an additional 1,385,493 shares during the last quarter. Vontobel Holding Ltd. lifted its position in Logitech International by 34.2% in the fourth quarter. Vontobel Holding Ltd. now owns 4,872,324 shares of the technology company's stock worth $402,802,000 after buying an additional 1,240,478 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in Logitech International by 700.1% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 748,580 shares of the technology company's stock worth $61,978,000 after buying an additional 655,025 shares during the last quarter. 45.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on LOGI shares. JPMorgan Chase & Co. lowered their price target on Logitech International from $96.00 to $80.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Bank of America upgraded Logitech International from an "underperform" rating to a "neutral" rating and lowered their price target for the stock from $90.00 to $73.00 in a research report on Friday, April 4th. Barclays lowered their price target on Logitech International from $108.00 to $92.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Morgan Stanley upgraded Logitech International from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $73.00 to $92.00 in a research note on Thursday, January 23rd. Finally, UBS Group upgraded Logitech International from a "neutral" rating to a "buy" rating in a research note on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $85.71.

Logitech International Stock Performance

LOGI stock traded down $1.21 during midday trading on Friday, reaching $86.55. The company's stock had a trading volume of 1,338,723 shares, compared to its average volume of 628,082. The stock has a fifty day simple moving average of $80.13 and a two-hundred day simple moving average of $85.73. Logitech International S.A. has a 1 year low of $64.73 and a 1 year high of $105.65. The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 20.32, a PEG ratio of 2.61 and a beta of 0.99.

Logitech International (NASDAQ:LOGI - Get Free Report) last released its earnings results on Tuesday, April 29th. The technology company reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.07. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.03 billion. Logitech International had a return on equity of 30.53% and a net margin of 14.38%. The business's revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.99 earnings per share. As a group, analysts forecast that Logitech International S.A. will post 4.21 EPS for the current fiscal year.

Logitech International declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 5th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Logitech International Company Profile

Logitech International SA, through its subsidiaries, designs, manufactures, and markets software-enabled hardware solutions that connect people to working, creating, gaming, and streaming worldwide. The company offers products for gamers and streamers, including mice, racing wheels, headsets, keyboards, microphones, and streaming services; corded and cordless keyboards and keyboard-and-mouse combinations; pointing devices, such as wireless mice and wireless mouse products; conference room cameras, such as ConferenceCams; controllers for video conferencing room solutions; PC-based webcams, including streaming cameras and VC webcams; tablet accessories that includes keyboards for tablets; PC and VC headsets, in-ear headphones, and premium wireless earbuds; and mobile speakers and PC speakers, as well as portable wireless Bluetooth speakers.