Logitech International (NASDAQ:LOGI) Downgraded to “Underperform” Rating by Bank of America

Logitech International (NASDAQ:LOGI) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a report released on Tuesday, Marketbeat Ratings reports. They currently have a $86.00 price objective on the technology company’s stock. Bank of America‘s target price suggests a potential downside of 12.81% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. UBS Group cut shares of Logitech International from a “buy” rating to a “neutral” rating in a report on Tuesday, March 17th. Wall Street Zen downgraded Logitech International from a “buy” rating to a “hold” rating in a research note on Sunday, April 26th. Barclays raised their target price on Logitech International from $98.00 to $105.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Citigroup lifted their price target on Logitech International from $115.00 to $124.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings raised Logitech International from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $109.71.

Logitech International Price Performance

Shares of NASDAQ:LOGI opened at $98.63 on Tuesday. The stock has a market capitalization of $14.46 billion, a P/E ratio of 20.55, a P/E/G ratio of 2.48 and a beta of 1.13. The business has a 50-day moving average of $106.54 and a two-hundred day moving average of $99.15. Logitech International has a fifty-two week low of $83.32 and a fifty-two week high of $129.66.

Logitech International (NASDAQ:LOGI) last posted its earnings results on Tuesday, May 5th. The technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.03. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the company earned $0.93 EPS. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, research analysts expect that Logitech International will post 5.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Logitech International

A number of hedge funds and other institutional investors have recently made changes to their positions in LOGI. Park Avenue Securities LLC raised its position in Logitech International by 43.3% in the fourth quarter. Park Avenue Securities LLC now owns 28,846 shares of the technology company’s stock worth $2,891,000 after purchasing an additional 8,717 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Logitech International by 28.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 339,790 shares of the technology company’s stock valued at $37,015,000 after purchasing an additional 74,772 shares during the period. Compagnie Lombard Odier SCmA raised its holdings in shares of Logitech International by 8.7% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 260,162 shares of the technology company’s stock worth $26,777,000 after buying an additional 20,866 shares in the last quarter. Willis Investment Counsel raised its holdings in shares of Logitech International by 40.0% in the 4th quarter. Willis Investment Counsel now owns 42,747 shares of the technology company’s stock worth $4,284,000 after buying an additional 12,221 shares in the last quarter. Finally, Plato Investment Management Ltd lifted its position in shares of Logitech International by 65.7% during the 4th quarter. Plato Investment Management Ltd now owns 44,871 shares of the technology company’s stock worth $4,640,000 after buying an additional 17,796 shares during the period. 45.76% of the stock is owned by institutional investors.

About Logitech International

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company’s product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.