Logitech International (NASDAQ:LOGI) Sees Large Volume Increase After Better-Than-Expected Earnings

Logitech International S.A. (NASDAQ:LOGI - Get Free Report) shares saw strong trading volume on Wednesday following a stronger than expected earnings report. 385,599 shares were traded during trading, a decline of 36% from the previous session's volume of 603,160 shares.The stock last traded at $74.31 and had previously closed at $78.21.

The technology company reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.07. Logitech International had a net margin of 14.38% and a return on equity of 30.53%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm earned $0.99 earnings per share. Logitech International's quarterly revenue was down .1% on a year-over-year basis.

Logitech International announced that its board has approved a stock repurchase program on Wednesday, March 5th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the technology company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Citigroup cut their price target on Logitech International from $105.00 to $75.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Morgan Stanley upgraded shares of Logitech International from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $73.00 to $92.00 in a report on Thursday, January 23rd. Kepler Capital Markets upgraded shares of Logitech International from a "hold" rating to a "buy" rating in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised shares of Logitech International from a "sell" rating to a "hold" rating in a research report on Friday, January 31st. Finally, Barclays dropped their price target on Logitech International from $108.00 to $92.00 and set an "overweight" rating on the stock in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $86.14.

Insider Activity

In other Logitech International news, insider Samantha Harnett sold 300 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $96.60, for a total value of $28,980.00. Following the completion of the sale, the insider now directly owns 7,348 shares of the company's stock, valued at approximately $709,816.80. This represents a 3.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Logitech International

A number of institutional investors and hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC raised its stake in shares of Logitech International by 4,876.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 167,552 shares of the technology company's stock worth $13,798,000 after purchasing an additional 164,185 shares during the period. Bank of New York Mellon Corp boosted its stake in Logitech International by 5.7% in the fourth quarter. Bank of New York Mellon Corp now owns 351,097 shares of the technology company's stock valued at $28,913,000 after acquiring an additional 18,986 shares during the last quarter. US Bancorp DE increased its stake in shares of Logitech International by 5.6% during the 4th quarter. US Bancorp DE now owns 8,344 shares of the technology company's stock worth $687,000 after purchasing an additional 446 shares during the last quarter. Barclays PLC raised its holdings in shares of Logitech International by 64.2% in the 3rd quarter. Barclays PLC now owns 5,030,921 shares of the technology company's stock worth $451,426,000 after purchasing an additional 1,967,133 shares during the period. Finally, Atria Wealth Solutions Inc. purchased a new position in Logitech International in the fourth quarter valued at approximately $246,000. 45.76% of the stock is owned by hedge funds and other institutional investors.

Logitech International Price Performance

The firm has a fifty day simple moving average of $83.08 and a two-hundred day simple moving average of $85.84. The firm has a market capitalization of $12.36 billion, a P/E ratio of 18.35, a price-to-earnings-growth ratio of 2.61 and a beta of 0.97.

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.