JPMorgan Chase & Co. Cuts Logitech International (NASDAQ:LOGI) Price Target to $120.00

Key Points

• JPMorgan cut Logitech’s price target from $123 to $120 while maintaining a “neutral” rating, implying 17.57% upside from the reported $102.06 share price.
• Analyst views remain mixed: the consensus rating is “Hold”, with a $107.86 average price target; ratings include three Buys, five Holds and two Sells.
• Logitech recently exceeded quarterly expectations, reporting $1.85 in EPS versus $1.26 expected and $1.23 billion in revenue, up 7% year over year.

Logitech International (NASDAQ:LOGI - Get Free Report) had its target price cut by stock analysts at JPMorgan Chase & Co. from $123.00 to $120.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 17.57% from the stock's current price.

A number of other brokerages also recently issued reports on LOGI. Wedbush cut their price objective on Logitech International from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday. Wall Street Zen lowered Logitech International from a "buy" rating to a "hold" rating in a research note on Sunday, April 26th. Citigroup upped their price target on Logitech International from $115.00 to $124.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Bank of America cut shares of Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 price objective on the stock. in a research report on Tuesday, June 30th. Finally, Weiss Ratings upgraded shares of Logitech International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, May 22nd. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $107.86.

Logitech International Price Performance

Shares of NASDAQ:LOGI traded up $0.49 during trading on Friday, hitting $102.06. The company's stock had a trading volume of 811,564 shares, compared to its average volume of 1,190,396. The company has a 50-day moving average of $106.26 and a 200-day moving average of $98.51. Logitech International has a 12 month low of $83.32 and a 12 month high of $129.66. The firm has a market cap of $14.96 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 4.31 and a beta of 1.17.

Logitech International (NASDAQ:LOGI - Get Free Report) last announced its earnings results on Tuesday, July 28th. The technology company reported $1.85 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.59. The company had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.20 billion. Logitech International had a return on equity of 37.90% and a net margin of 16.28%.Logitech International's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the firm earned $1.26 EPS. As a group, research analysts anticipate that Logitech International will post 5.21 earnings per share for the current year.

Institutional Trading of Logitech International

Several hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its stake in Logitech International by 2,227.1% during the second quarter. Assenagon Asset Management S.A. now owns 1,045,742 shares of the technology company's stock worth $98,189,000 after acquiring an additional 1,000,805 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Logitech International by 49.9% during the second quarter. Versant Capital Management Inc now owns 2,625 shares of the technology company's stock valued at $247,000 after buying an additional 874 shares during the period. Militia Capital Management LLC purchased a new position in Logitech International during the 1st quarter valued at $501,000. Cozad Asset Management Inc. grew its holdings in shares of Logitech International by 17.4% in the first quarter. Cozad Asset Management Inc. now owns 4,587 shares of the technology company's stock worth $418,000 after purchasing an additional 679 shares during the last quarter. Finally, Groupe la Francaise bought a new position in Logitech International in the 1st quarter worth about $4,668,000. 45.76% of the stock is currently owned by hedge funds and other institutional investors.

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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