Logitech International (NASDAQ:LOGI) Shares Gap Up Following Earnings Beat

Shares of Logitech International S.A. (NASDAQ:LOGI) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $92.96, but opened at $97.00. Logitech International shares last traded at $98.61, with a volume of 572,272 shares changing hands.

The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.07. Logitech International had a net margin of 15.65% and a return on equity of 30.68%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LOGI. Citigroup boosted their price target on Logitech International from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday. Loop Capital cut their target price on Logitech International from $88.00 to $81.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. UBS Group raised shares of Logitech International from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Morgan Stanley raised 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, Barclays increased their price objective on shares of Logitech International from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $97.13.

Institutional Investors Weigh In On Logitech International

A number of institutional investors have recently modified their holdings of LOGI. Barclays PLC boosted its stake in Logitech International by 64.2% in the third quarter. Barclays PLC now owns 5,030,921 shares of the technology company’s stock valued at $451,426,000 after acquiring an additional 1,967,133 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Logitech International by 2,315.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,445,319 shares of the technology company’s stock worth $119,673,000 after purchasing an additional 1,385,493 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Logitech International during the 3rd quarter valued at approximately $15,891,000. Janney Montgomery Scott LLC grew its stake in Logitech International by 4,876.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 167,552 shares of the technology company’s stock worth $13,798,000 after buying an additional 164,185 shares during the last quarter. Finally, World Investment Advisors LLC acquired a new stake in Logitech International in the third quarter worth $12,597,000. Institutional investors own 45.76% of the company’s stock.

Logitech International Stock Up 4.2 %

The company has a market capitalization of $15.32 billion, a P/E ratio of 21.57, a PEG ratio of 2.74 and a beta of 0.77. The business has a 50 day simple moving average of $84.79 and a 200-day simple moving average of $85.70.

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.