Pictet Asset Management Holding SA Buys 266,167 Shares of Logitech International S.A. (NASDAQ:LOGI)

Pictet Asset Management Holding SA raised its stake in shares of Logitech International S.A. (NASDAQ:LOGI) by 13.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,273,518 shares of the technology company’s stock after purchasing an additional 266,167 shares during the period. Pictet Asset Management Holding SA owned 1.44% of Logitech International worth $188,254,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Logitech International during the fourth quarter valued at $156,888,000. Korea Investment CORP raised its position in shares of Logitech International by 74.6% during the 4th quarter. Korea Investment CORP now owns 83,839 shares of the technology company’s stock valued at $6,942,000 after buying an additional 35,814 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Logitech International by 18.8% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 92,697 shares of the technology company’s stock valued at $7,700,000 after acquiring an additional 14,657 shares during the last quarter. United Services Automobile Association purchased a new position in Logitech International in the fourth quarter worth about $4,133,000. Finally, LPL Financial LLC increased its stake in Logitech International by 122.9% during the fourth quarter. LPL Financial LLC now owns 40,115 shares of the technology company’s stock worth $3,303,000 after acquiring an additional 22,122 shares during the last quarter. Hedge funds and other institutional investors own 45.76% of the company’s stock.

Wall Street Analysts Forecast Growth

LOGI has been the subject of a number of recent research reports. Citigroup lifted their target price on Logitech International from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Wedbush upgraded shares of Logitech International from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $100.00 to $125.00 in a research report on Friday, March 7th. Barclays raised their target price on shares of Logitech International from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Morgan Stanley upgraded shares of Logitech International from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $73.00 to $92.00 in a report on Thursday, January 23rd. Finally, Bank of America reissued an “underperform” rating and issued a $90.00 price objective (down previously from $105.00) on shares of Logitech International in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $100.14.

Logitech International Price Performance

LOGI stock opened at $86.95 on Friday. Logitech International S.A. has a 1-year low of $74.72 and a 1-year high of $105.65. The business has a 50-day moving average price of $96.14 and a 200 day moving average price of $88.11. The company has a market capitalization of $13.75 billion, a P/E ratio of 20.41, a PEG ratio of 2.61 and a beta of 0.73.

Logitech International (NASDAQ:LOGI) last announced its quarterly earnings results on Tuesday, January 28th. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.07. Logitech International had a net margin of 14.38% and a return on equity of 30.53%. On average, analysts anticipate that Logitech International S.A. will post 4.21 earnings per share for the current fiscal year.

Logitech International declared that its board has initiated a stock repurchase plan on Wednesday, March 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Samantha Harnett sold 300 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $96.60, for a total value of $28,980.00. Following the completion of the transaction, the insider now directly owns 7,348 shares of the company’s stock, valued at approximately $709,816.80. The trade was a 3.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

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.