Short Interest in Logitech International S.A. (NASDAQ:LOGI) Decreases By 22.6%

Logitech International S.A. (NASDAQ:LOGI) saw a significant decline in short interest in May. As of May 15th, there was short interest totalling 3,490,000 shares, a decline of 22.6% from the April 30th total of 4,510,000 shares. Currently, 2.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 850,000 shares, the short-interest ratio is currently 4.1 days.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LOGI. Loop Capital reduced their price objective on shares of Logitech International from $97.00 to $78.00 and set a “hold” rating on the stock in a research report on Tuesday, May 6th. Wedbush reaffirmed an “outperform” rating and set a $100.00 target price on shares of Logitech International in a research report on Wednesday, May 21st. Barclays dropped their price objective on Logitech International from $108.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price target on Logitech International from $96.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, April 17th. Finally, Wall Street Zen downgraded Logitech International from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $84.29.

Logitech International Stock Up 1.1%

Shares of Logitech International stock traded up $0.88 during trading hours on Wednesday, hitting $84.18. The company’s stock had a trading volume of 53,071 shares, compared to its average volume of 627,350. The company has a market capitalization of $13.31 billion, a PE ratio of 19.74, a P/E/G ratio of 2.61 and a beta of 0.99. The business has a fifty day moving average of $78.77 and a 200 day moving average of $86.13. Logitech International has a 1-year low of $64.73 and a 1-year high of $105.65.

Logitech International (NASDAQ:LOGI) last released its quarterly earnings data on Tuesday, April 29th. The technology company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.07. Logitech International had a net margin of 14.38% and a return on equity of 30.53%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business earned $0.99 earnings per share. Logitech International’s quarterly revenue was down .1% on a year-over-year basis. On average, sell-side analysts anticipate that Logitech International will post 4.21 earnings per share for the current fiscal year.

Logitech International announced that its board has initiated a share buyback plan on Wednesday, March 5th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Logitech International

Hedge funds have recently modified their holdings of the company. Norges Bank acquired a new position in Logitech International during the 4th quarter worth about $156,888,000. Vontobel Holding Ltd. increased its holdings in shares of Logitech International by 34.2% in the fourth quarter. Vontobel Holding Ltd. now owns 4,872,324 shares of the technology company’s stock valued at $402,802,000 after purchasing an additional 1,240,478 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Logitech International by 700.1% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 748,580 shares of the technology company’s stock valued at $61,978,000 after buying an additional 655,025 shares during the period. Freestone Grove Partners LP bought a new stake in Logitech International in the fourth quarter valued at about $39,660,000. Finally, Nuveen LLC bought a new position in shares of Logitech International during the first quarter worth $35,925,000. Institutional investors own 45.76% of the company’s stock.

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.