StockNews.com Upgrades Logitech International (NASDAQ:LOGI) to “Buy”

Logitech International (NASDAQ:LOGI) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

Other research analysts also recently issued reports about the company. Citigroup upped their price target on Logitech International from $70.00 to $75.00 in a research note on Wednesday, July 26th. Morgan Stanley reiterated an “equal weight” rating and set a $57.00 target price on shares of Logitech International in a research report on Thursday, July 20th. Wedbush increased their target price on Logitech International from $63.00 to $80.00 in a research report on Wednesday, July 26th. Loop Capital increased their target price on Logitech International from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, July 31st. Finally, Barclays increased their target price on Logitech International from $71.00 to $81.00 and gave the company an “overweight” rating in a research report on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $70.25.

Logitech International Stock Performance

Shares of NASDAQ:LOGI opened at $70.27 on Wednesday. Logitech International has a fifty-two week low of $41.81 and a fifty-two week high of $73.70. The business has a 50-day simple moving average of $67.36 and a two-hundred day simple moving average of $61.65. The firm has a market cap of $11.11 billion, a price-to-earnings ratio of 34.96 and a beta of 0.86.

Logitech International (NASDAQ:LOGI) last released its earnings results on Monday, July 24th. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.15. The company had revenue of $974.50 million during the quarter, compared to analyst estimates of $916.69 million. Logitech International had a net margin of 7.50% and a return on equity of 19.75%. As a group, research analysts predict that Logitech International will post 2.49 earnings per share for the current year.

Logitech International declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 21st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the technology company to repurchase up to 10.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Logitech International by 233.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 551 shares of the technology company’s stock valued at $34,000 after acquiring an additional 386 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Logitech International in the first quarter valued at approximately $35,000. Belpointe Asset Management LLC acquired a new position in shares of Logitech International in the fourth quarter valued at approximately $51,000. State of Wyoming acquired a new position in shares of Logitech International in the fourth quarter valued at approximately $75,000. Finally, Syquant Capital Sas acquired a new position in shares of Logitech International in the second quarter valued at approximately $74,000. 38.58% of the stock is owned by institutional investors and hedge funds.

Logitech International Company Profile

Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that connect people to working, creating, gaming, and streaming worldwide. The company offers pointing devices, such as wireless mouse; corded and cordless keyboards, living room keyboards, and keyboard-and-mouse combinations; PC webcams; and keyboards for tablets and smartphones, as well as other accessories for mobile devices.