Logitech International (NASDAQ:LOGI) Trading Down 5.5% – Time to Sell?

Logitech International S.A. (NASDAQ:LOGI) dropped 5.5% on Thursday . The stock traded as low as $99.35 and last traded at $98.9260. 217,546 shares changed hands during trading, a decline of 80% from the average session volume of 1,097,951 shares. The stock had previously closed at $104.65.

Wall Street Analyst Weigh In

Several analysts have commented on LOGI shares. Weiss Ratings cut Logitech International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. Morgan Stanley cut their price objective on shares of Logitech International from $89.00 to $88.00 and set an “underweight” rating on the stock in a report on Wednesday, July 8th. JPMorgan Chase & Co. decreased their target price on shares of Logitech International from $120.00 to $102.00 and set a “neutral” rating on the stock in a research report on Thursday, August 20th. Wedbush lowered their target price on shares of Logitech International from $135.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Finally, Barclays dropped their price target on shares of Logitech International from $105.00 to $101.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Logitech International has an average rating of “Hold” and a consensus target price of $105.29.

Logitech International Price Performance

The stock has a 50-day simple moving average of $102.02 and a 200-day simple moving average of $101.27. The stock has a market cap of $14.62 billion, a PE ratio of 18.31, a P/E/G ratio of 3.90 and a beta of 1.18.

Logitech International (NASDAQ:LOGI) last announced its quarterly earnings results on Tuesday, July 28th. The technology company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.26 by $0.59. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion. Logitech International had a return on equity of 37.30% and a net margin of 16.28%.The firm’s revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.26 earnings per share. As a group, equities research analysts anticipate that Logitech International S.A. will post 5.18 EPS for the current year.

Insider Transactions at Logitech International

In related news, insider Samantha Harnett sold 16,265 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $101.35, for a total transaction of $1,648,457.75. Following the completion of the sale, the insider owned 37,097 shares of the company’s stock, valued at approximately $3,759,780.95. This represents a 30.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its stake in shares of Logitech International by 16.0% in the 4th quarter. Barclays PLC now owns 3,275,064 shares of the technology company’s stock valued at $328,227,000 after acquiring an additional 451,357 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Logitech International by 43.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,991,627 shares of the technology company’s stock worth $304,151,000 after purchasing an additional 906,807 shares during the period. Renaissance Technologies LLC increased its holdings in Logitech International by 26.6% in the 1st quarter. Renaissance Technologies LLC now owns 2,072,508 shares of the technology company’s stock valued at $188,847,000 after purchasing an additional 435,000 shares in the last quarter. Amundi increased its holdings in Logitech International by 51.2% in the 1st quarter. Amundi now owns 1,665,096 shares of the technology company’s stock valued at $151,724,000 after purchasing an additional 563,564 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its position in Logitech International by 57.4% in the fourth quarter. Allianz Asset Management GmbH now owns 1,556,342 shares of the technology company’s stock valued at $160,175,000 after purchasing an additional 567,810 shares during the period. 45.76% of the stock is owned by institutional investors and hedge funds.

About Logitech International

Logitech International is a technology company that designs and develops hardware and software for connecting people to digital devices and platforms. Its products are used by consumers, businesses, educators, content creators and gamers, with offerings spanning personal computing, communication, collaboration and entertainment.

The company’s portfolio includes mice, keyboards, webcams, headsets, speakers, docking stations and other computer accessories. Logitech also provides video-conferencing systems and related collaboration products for meeting rooms and workplaces, as well as gaming peripherals, streaming equipment and accessories sold under brands such as Logitech G and ASTRO.

Founded in 1981 in Apples, Switzerland, Logitech serves customers internationally through retail, e-commerce and business-to-business channels.