Logitech International (NASDAQ:LOGI) Shares Gap Down After Analyst Downgrade

Shares of Logitech International S.A. (NASDAQ:LOGI) gapped down before the market opened on Tuesday after Bank of America downgraded the stock from a neutral rating to an underperform rating. The stock had previously closed at $98.63, but opened at $92.95. Bank of America now has a $86.00 price target on the stock. Logitech International shares last traded at $93.3850, with a volume of 384,631 shares traded.

A number of other research firms also recently commented on LOGI. Barclays increased their price objective on shares of Logitech International from $98.00 to $105.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Wedbush restated an “outperform” rating and issued a $135.00 target price on shares of Logitech International in a research note on Wednesday, May 6th. Wall Street Zen cut shares of Logitech International from a “buy” rating to a “hold” rating in a research report on Sunday, April 26th. UBS Group downgraded Logitech International from a “buy” rating to a “neutral” rating in a research note on Tuesday, March 17th. Finally, Citigroup boosted their price objective on Logitech International from $115.00 to $124.00 and gave the company a “buy” rating in a report on Thursday, May 7th. 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 stock. According to data from MarketBeat, Logitech International presently has a consensus rating of “Hold” and an average target price of $109.71.

Institutional Investors Weigh In On Logitech International

A number of institutional investors have recently modified their holdings of LOGI. EverSource Wealth Advisors LLC lifted its holdings in Logitech International by 6.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,886 shares of the technology company’s stock valued at $207,000 after acquiring an additional 107 shares during the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Logitech International by 15.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 861 shares of the technology company’s stock worth $86,000 after purchasing an additional 114 shares during the last quarter. Pathstone Holdings LLC grew its stake in shares of Logitech International by 0.7% in the 3rd quarter. Pathstone Holdings LLC now owns 16,521 shares of the technology company’s stock worth $1,812,000 after purchasing an additional 120 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Logitech International by 2.0% in the 4th quarter. Signaturefd LLC now owns 6,167 shares of the technology company’s stock worth $618,000 after purchasing an additional 122 shares in the last quarter. Finally, Guggenheim Capital LLC raised its holdings in shares of Logitech International by 1.3% in the 2nd quarter. Guggenheim Capital LLC now owns 10,182 shares of the technology company’s stock worth $918,000 after purchasing an additional 126 shares in the last quarter. Institutional investors own 45.76% of the company’s stock.

Logitech International Stock Down 5.3%

The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth ratio of 2.48 and a beta of 1.13. The firm’s 50 day moving average is $106.54 and its 200 day moving average is $99.15.

Logitech International (NASDAQ:LOGI) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. Logitech International had a net margin of 14.69% and a return on equity of 34.09%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.93 earnings per share. On average, sell-side analysts predict that Logitech International S.A. will post 5.16 earnings per share for the current year.

Logitech International Cuts Dividend

The business also recently announced an annual dividend, which will be paid on Wednesday, September 23rd. Investors of record on Tuesday, September 22nd will be issued a $1.36 dividend. This represents a dividend yield of 126.0%. The ex-dividend date is Tuesday, September 22nd. Logitech International’s payout ratio is presently 10.88%.

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.