Norges Bank Buys Shares of 1,897,734 Logitech International S.A. (NASDAQ:LOGI)

Norges Bank purchased a new position in Logitech International S.A. (NASDAQ:LOGI) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,897,734 shares of the technology company’s stock, valued at approximately $156,888,000. Norges Bank owned 1.20% of Logitech International as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LOGI. Sierra Ocean LLC bought a new stake in Logitech International during the 4th quarter valued at $27,000. Exane Asset Management purchased a new stake in shares of Logitech International during the 4th quarter worth $32,000. MassMutual Private Wealth & Trust FSB boosted 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 valued at $53,000 after purchasing an additional 233 shares in the last quarter. Global Retirement Partners LLC grew its stake in Logitech International by 109.4% in the fourth quarter. Global Retirement Partners LLC now owns 1,208 shares of the technology company’s stock valued at $99,000 after purchasing an additional 631 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Logitech International during the third quarter valued at about $105,000. 45.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wedbush upgraded shares of Logitech International from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $100.00 to $125.00 in a research note on Friday, March 7th. JPMorgan Chase & Co. lifted their price target on shares of Logitech International from $99.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Kepler Capital Markets upgraded Logitech International from a “hold” rating to a “buy” rating in a report on Thursday, January 30th. Morgan Stanley upgraded Logitech International from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $73.00 to $92.00 in a research note on Thursday, January 23rd. Finally, Citigroup increased their price target on Logitech International from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $100.14.

Insider Transactions at Logitech International

In other Logitech International news, insider Samantha Harnett sold 300 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $96.60, for a total value of $28,980.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.16% of the company’s stock.

Logitech International Stock Performance

Shares of LOGI opened at $84.41 on Tuesday. The stock has a 50-day moving average of $96.09 and a two-hundred day moving average of $88.16. The stock has a market cap of $13.35 billion, a P/E ratio of 19.81, a P/E/G ratio of 2.61 and a beta of 0.73. Logitech International S.A. has a one year low of $74.72 and a one year high of $105.65.

Logitech International (NASDAQ:LOGI) last issued its earnings results on Tuesday, January 28th. The technology company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.07. Logitech International had a return on equity of 30.53% and a net margin of 14.38%. Analysts predict that Logitech International S.A. will post 4.21 EPS for the current fiscal year.

Logitech International announced that its Board of Directors has approved a share repurchase program 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 programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.