Logitech International (NASDAQ:LOGI) Raised to Buy at UBS Group

Logitech International (NASDAQ:LOGI) was upgraded by UBS Group from a “neutral” rating to a “buy” rating in a report issued on Wednesday,Benzinga reports.

A number of other equities research analysts have also issued reports on the company. Kepler Capital Markets upgraded Logitech International from a “hold” rating to a “buy” rating in a research report on Thursday, January 30th. Wedbush restated an “outperform” rating and issued a $110.00 target price (down from $125.00) on shares of Logitech International in a report on Thursday, April 24th. Citigroup reduced their price target on Logitech International from $105.00 to $75.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Bank of America raised shares of Logitech International from an “underperform” rating to a “neutral” rating and dropped their price objective for the company from $90.00 to $73.00 in a report on Friday, April 4th. Finally, Barclays reduced their target price on shares of Logitech International from $108.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Logitech International presently has an average rating of “Hold” and an average target price of $85.71.

Logitech International Stock Performance

Shares of LOGI stock opened at $76.52 on Wednesday. Logitech International has a fifty-two week low of $64.73 and a fifty-two week high of $105.65. The stock’s fifty day moving average is $82.05 and its two-hundred day moving average is $85.69. The firm has a market capitalization of $12.10 billion, a P/E ratio of 17.96, a PEG ratio of 2.61 and a beta of 0.99.

Logitech International (NASDAQ:LOGI) last issued its earnings results on Tuesday, April 29th. The technology company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.07. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Logitech International had a net margin of 14.38% and a return on equity of 30.53%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.99 earnings per share. On average, equities analysts forecast that Logitech International will post 4.21 earnings per share for the current year.

Logitech International declared that its board has approved a share repurchase program on Wednesday, March 5th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LOGI. Banque Transatlantique SA purchased a new position in Logitech International during the 4th quarter valued at about $26,000. Sierra Ocean LLC purchased a new position in shares of Logitech International in the fourth quarter valued at approximately $27,000. Bessemer Group Inc. boosted its stake in shares of Logitech International by 1,339.1% in the fourth quarter. Bessemer Group Inc. now owns 331 shares of the technology company’s stock valued at $27,000 after purchasing an additional 308 shares during the period. Exane Asset Management purchased a new stake in Logitech International during the 4th quarter worth approximately $32,000. Finally, Tower Research Capital LLC TRC increased its stake in Logitech International by 975.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 484 shares of the technology company’s stock worth $40,000 after buying an additional 439 shares during the period. 45.76% of the stock is currently owned by hedge funds and other institutional investors.

Logitech International Company Profile

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.