JPMorgan Chase & Co. Lowers Logitech International (NASDAQ:LOGI) to Neutral

JPMorgan Chase & Co. downgraded shares of Logitech International (NASDAQ:LOGI) from an overweight rating to a neutral rating in a report published on Wednesday morning, MarketBeat Ratings reports. The firm currently has $85.00 price objective on the technology company’s stock, down from their previous price objective of $92.00.

LOGI has been the subject of several other reports. StockNews.com downgraded Logitech International from a strong-buy rating to a buy rating in a research report on Thursday, March 14th. Morgan Stanley reiterated an underweight rating and set a $75.00 price objective (down previously from $85.00) on shares of Logitech International in a research report on Monday, April 15th. Berenberg Bank started coverage on shares of Logitech International in a report on Thursday, March 14th. They issued a buy rating and a $111.00 target price on the stock. Barclays upped their target price on Logitech International from $96.00 to $104.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Finally, Deutsche Bank Aktiengesellschaft restated a sell rating on shares of Logitech International in a report on Tuesday, April 16th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Logitech International currently has an average rating of Hold and an average price target of $91.00.

Logitech International Stock Performance

Logitech International stock opened at $79.01 on Wednesday. Logitech International has a fifty-two week low of $53.91 and a fifty-two week high of $96.66. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 1.63 and a beta of 0.78. The stock’s fifty day moving average is $86.82 and its two-hundred day moving average is $86.55.

Logitech International (NASDAQ:LOGI) last issued its quarterly earnings data on Monday, April 29th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.34. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $956.85 million. Logitech International had a net margin of 14.24% and a return on equity of 27.68%. As a group, sell-side analysts forecast that Logitech International will post 3.67 EPS for the current fiscal year.

Insider Activity

In other news, insider Samantha Harnett sold 650 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $84.17, for a total transaction of $54,710.50. Following the completion of the sale, the insider now owns 11,910 shares in the company, valued at approximately $1,002,464.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Samantha Harnett sold 650 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $84.17, for a total transaction of $54,710.50. Following the completion of the sale, the insider now directly owns 11,910 shares of the company’s stock, valued at approximately $1,002,464.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Prakash Arunkundrum sold 699 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $90.00, for a total value of $62,910.00. Following the completion of the transaction, the chief operating officer now directly owns 67,848 shares in the company, valued at $6,106,320. The disclosure for this sale can be found here. Insiders have sold 24,572 shares of company stock valued at $2,207,555 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Logitech International

Large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its stake in shares of Logitech International by 75.3% during the first quarter. BNP Paribas Financial Markets now owns 27,349 shares of the technology company’s stock valued at $2,444,000 after acquiring an additional 11,751 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in Logitech International during the 1st quarter valued at approximately $658,000. Norden Group LLC purchased a new stake in Logitech International during the 1st quarter worth approximately $452,000. Naples Global Advisors LLC increased its holdings in Logitech International by 2.2% during the 1st quarter. Naples Global Advisors LLC now owns 13,256 shares of the technology company’s stock worth $1,185,000 after purchasing an additional 291 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its position in shares of Logitech International by 327.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 34,764 shares of the technology company’s stock valued at $3,107,000 after purchasing an additional 26,624 shares in the last quarter. 45.76% 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 connect people to working, creating, gaming, and streaming worldwide. The company offers pointing devices, such as wireless mouse; corded and cordless keyboards, living room keyboards, and keyboard-and-mouse combinations; PC webcams; and keyboards for tablets and smartphones, as well as other accessories for mobile devices.