Logitech International (NASDAQ:LOGI) Downgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. cut shares of Logitech International (NASDAQ:LOGI) from an overweight rating to a neutral rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has $85.00 price target on the technology company’s stock, down from their prior price target of $92.00.

Several other analysts have also recently issued reports on LOGI. Deutsche Bank Aktiengesellschaft reiterated a sell rating on shares of Logitech International in a research report on Tuesday, April 16th. Citigroup lifted their price objective on shares of Logitech International from $98.00 to $100.00 and gave the company a neutral rating in a research report on Thursday, April 4th. Morgan Stanley reissued an underweight rating and issued a $75.00 target price (down previously from $85.00) on shares of Logitech International in a report on Monday, April 15th. StockNews.com cut shares of Logitech International from a strong-buy rating to a buy rating in a research note on Thursday, March 14th. Finally, Berenberg Bank began coverage on shares of Logitech International in a research note on Thursday, March 14th. They issued a buy rating and a $111.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $91.00.

Logitech International Price Performance

LOGI opened at $79.01 on Wednesday. The firm has a market cap of $12.50 billion, a P/E ratio of 20.42, a PEG ratio of 1.63 and a beta of 0.78. Logitech International has a 1-year low of $53.91 and a 1-year high of $96.66. The company has a 50 day simple moving average of $86.82 and a two-hundred day simple moving average of $86.55.

Logitech International (NASDAQ:LOGI) last issued its earnings results on Monday, April 29th. The technology company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.34. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $956.85 million. Logitech International had a net margin of 14.24% and a return on equity of 27.68%. Equities analysts anticipate that Logitech International will post 3.67 earnings per share for the current year.

Insider Activity at Logitech International

In related news, insider Samantha Harnett sold 650 shares of Logitech International stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $84.17, for a total value of $54,710.50. Following the completion of the transaction, the insider now owns 11,910 shares in the company, valued at $1,002,464.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Prakash Arunkundrum sold 23,023 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $90.00, for a total transaction of $2,072,070.00. Following the transaction, the chief operating officer now directly owns 61,056 shares of the company’s stock, valued at $5,495,040. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Samantha Harnett sold 650 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $84.17, for a total value of $54,710.50. Following the completion of the transaction, the insider now directly owns 11,910 shares in the company, valued at approximately $1,002,464.70. The disclosure for this sale can be found here. Insiders have sold a total of 24,572 shares of company stock valued at $2,207,555 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Logitech International

A number of institutional investors and hedge funds have recently bought and sold shares of LOGI. Vanguard Group Inc. increased its stake in shares of Logitech International by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 6,159,041 shares of the technology company’s stock valued at $585,478,000 after buying an additional 84,179 shares during the period. Vontobel Holding Ltd. raised its holdings in shares of Logitech International by 2.3% in the 4th quarter. Vontobel Holding Ltd. now owns 5,285,659 shares of the technology company’s stock valued at $501,223,000 after purchasing an additional 121,060 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Logitech International by 36.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,822,286 shares of the technology company’s stock worth $267,457,000 after purchasing an additional 760,263 shares during the period. Norges Bank purchased a new position in Logitech International during the fourth quarter valued at approximately $214,130,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Logitech International by 20.1% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,837,505 shares of the technology company’s stock worth $174,162,000 after buying an additional 306,948 shares in the last quarter. 45.76% of the stock is owned by institutional investors.

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.