Logitech International (NASDAQ:LOGI) Shares Gap Up After Strong Earnings

Logitech International S.A. (NASDAQ:LOGI)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $92.96, but opened at $97.00. Logitech International shares last traded at $98.61, with a volume of 572,272 shares.

The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.07. Logitech International had a net margin of 15.65% and a return on equity of 30.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Bank of America downgraded shares of Logitech International from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $114.00 to $92.00 in a report on Monday, December 16th. JPMorgan Chase & Co. upped their target price on shares of Logitech International from $99.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Loop Capital reduced their price target on Logitech International from $88.00 to $81.00 and set a “hold” rating for the company in a report on Monday, October 28th. UBS Group upgraded Logitech International from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Finally, Morgan Stanley upgraded Logitech International from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $73.00 to $92.00 in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $97.13.

Hedge Funds Weigh In On Logitech International

A number of hedge funds have recently bought and sold shares of the business. Exane Asset Management acquired a new position in shares of Logitech International during the 4th quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB grew its position in Logitech International by 56.0% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 649 shares of the technology company’s stock worth $53,000 after buying an additional 233 shares in the last quarter. Transamerica Financial Advisors Inc. increased its stake in Logitech International by 115,300.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,154 shares of the technology company’s stock worth $104,000 after acquiring an additional 1,153 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Logitech International during the 3rd quarter valued at $105,000. Finally, CWM LLC grew its holdings in shares of Logitech International by 21.3% during the 3rd quarter. CWM LLC now owns 2,062 shares of the technology company’s stock worth $185,000 after purchasing an additional 362 shares in the last quarter. 45.76% of the stock is owned by institutional investors.

Logitech International Price Performance

The company has a market cap of $15.59 billion, a P/E ratio of 22.03, a PEG ratio of 2.74 and a beta of 0.77. The stock has a 50-day moving average of $84.41 and a 200 day moving average of $85.62.

About Logitech International

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.