BidaskClub Downgrades Logitech International (LOGI) to Strong Sell

Logitech International (NASDAQ:LOGI) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Thursday.

A number of other research analysts have also recently issued reports on LOGI. Goldman Sachs Group initiated coverage on Logitech International in a research note on Friday, June 22nd. They set a “neutral” rating for the company. Zacks Investment Research cut Logitech International from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 4th. DA Davidson lifted their price objective on Logitech International to $55.00 and gave the company a “buy” rating in a research note on Monday, July 23rd. Loop Capital lifted their price objective on Logitech International to $53.00 and gave the company a “buy” rating in a research note on Wednesday, August 1st. They noted that the move was a valuation call. Finally, Citigroup lifted their price objective on Logitech International from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $49.60.

LOGI opened at $39.11 on Thursday. The company has a market capitalization of $7.34 billion, a PE ratio of 29.19, a PEG ratio of 2.80 and a beta of 0.96. Logitech International has a 52 week low of $32.66 and a 52 week high of $49.96.

Logitech International (NASDAQ:LOGI) last announced its quarterly earnings data on Monday, July 30th. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.07. The business had revenue of $608.48 million during the quarter, compared to analysts’ expectations of $584.37 million. Logitech International had a return on equity of 24.63% and a net margin of 7.97%. During the same quarter in the previous year, the business earned $0.24 earnings per share. As a group, analysts expect that Logitech International will post 1.6 earnings per share for the current year.

In other Logitech International news, CEO Bracken Darrell sold 100,000 shares of Logitech International stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $45.66, for a total value of $4,566,000.00. Following the completion of the sale, the chief executive officer now owns 712,137 shares of the company’s stock, valued at approximately $32,516,175.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Logitech International by 4.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,578,251 shares of the technology company’s stock worth $113,391,000 after purchasing an additional 114,196 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Logitech International by 13.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,058,245 shares of the technology company’s stock worth $46,542,000 after purchasing an additional 127,149 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of Logitech International by 6.5% in the 2nd quarter. Macquarie Group Ltd. now owns 505,597 shares of the technology company’s stock worth $22,273,000 after purchasing an additional 30,656 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Logitech International in the 2nd quarter worth $21,441,000. Finally, BlueMountain Capital Management LLC grew its holdings in shares of Logitech International by 2.5% in the second quarter. BlueMountain Capital Management LLC now owns 459,773 shares of the technology company’s stock worth $20,255,000 after acquiring an additional 11,091 shares during the period. 36.45% of the stock is owned by institutional investors and hedge funds.

About Logitech International

Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms worldwide. The company offers portable wireless Bluetooth and Wi-Fi speakers, PC speakers, PC headsets, in-ear headphones, and wireless audio wearables; gaming mice, keyboards, headsets, mousepads, and steering wheels and flight sticks; and audio and video, and other products that connect small and medium sized user groups.

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