Logitech International (NASDAQ:LOGI) Price Target Lowered to $102.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Logitech’s price target from $120 to $102 while maintaining a “neutral” rating, implying approximately 6.3% upside from the reported share price.
• Logitech shares fell 4.5% to $95.95, while the broader analyst consensus remained “Hold” with an average price target of $105.29.
• The company recently exceeded quarterly expectations, reporting $1.85 in earnings per share versus the $1.26 estimate and $1.23 billion in revenue, up 7% year over year.

Logitech International (NASDAQ:LOGI - Get Free Report) had its price objective lowered by research analysts at JPMorgan Chase & Co. from $120.00 to $102.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 6.31% from the company's current price.

Several other equities research analysts also recently issued reports on the company. Wedbush lowered their price target on Logitech International from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Barclays lowered their target price on Logitech International from $105.00 to $101.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 29th. Wall Street Zen lowered shares of Logitech International from a "buy" rating to a "hold" rating in a research note on Sunday, April 26th. Citigroup increased their price objective on shares of Logitech International from $115.00 to $124.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, Bank of America lowered shares of Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 price objective on the stock. in a report on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $105.29.

Logitech International Stock Down 4.5%

NASDAQ LOGI traded down $4.52 during trading on Thursday, reaching $95.95. 685,261 shares of the stock traded hands, compared to its average volume of 1,156,509. Logitech International has a fifty-two week low of $83.32 and a fifty-two week high of $129.66. The firm has a market cap of $14.07 billion, a price-to-earnings ratio of 17.61, a price-to-earnings-growth ratio of 3.61 and a beta of 1.17. The stock's 50-day moving average price is $102.88 and its 200 day moving average price is $99.50.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its earnings results on Tuesday, July 28th. The technology company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.59. Logitech International had a net margin of 16.28% and a return on equity of 37.30%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the business posted $1.26 earnings per share. The business's revenue for the quarter was up 7.0% compared to the same quarter last year. Analysts anticipate that Logitech International will post 5.2 EPS for the current fiscal year.

Institutional Trading of Logitech International

Hedge funds and other institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership grew its position in Logitech International by 305.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,084,820 shares of the technology company's stock valued at $227,859,000 after purchasing an additional 1,570,876 shares in the last quarter. Morgan Stanley grew its holdings in shares of Logitech International by 152.5% in the 4th quarter. Morgan Stanley now owns 2,190,070 shares of the technology company's stock valued at $219,489,000 after acquiring an additional 1,322,582 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Logitech International by 2,227.1% in the second quarter. Assenagon Asset Management S.A. now owns 1,045,742 shares of the technology company's stock valued at $98,189,000 after acquiring an additional 1,000,805 shares during the last quarter. Credit Agricole S A acquired a new stake in shares of Logitech International in the third quarter valued at about $104,402,000. Finally, Norges Bank bought a new stake in Logitech International during the fourth quarter worth about $89,248,000. 45.76% of the stock is currently owned by institutional investors and hedge funds.

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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