Norges Bank Takes Position in Logitech International S.A. (NASDAQ:LOGI)

Norges Bank purchased a new position in shares of Logitech International S.A. (NASDAQ:LOGI) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,897,734 shares of the technology company’s stock, valued at approximately $156,888,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC raised its position in shares of Logitech International by 64.2% in the third quarter. Barclays PLC now owns 5,030,921 shares of the technology company’s stock worth $451,426,000 after acquiring an additional 1,967,133 shares during the period. Vontobel Holding Ltd. raised its holdings in Logitech International by 34.2% in the 4th quarter. Vontobel Holding Ltd. now owns 4,872,324 shares of the technology company’s stock worth $402,802,000 after purchasing an additional 1,240,478 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Logitech International by 6.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,598,068 shares of the technology company’s stock worth $215,127,000 after purchasing an additional 146,338 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Logitech International by 2,315.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,445,319 shares of the technology company’s stock valued at $119,673,000 after purchasing an additional 1,385,493 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its holdings in Logitech International by 700.1% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 748,580 shares of the technology company’s stock valued at $61,978,000 after purchasing an additional 655,025 shares during the period. Institutional investors and hedge funds own 45.76% of the company’s stock.

Insider Activity

In other Logitech International news, insider Samantha Harnett sold 300 shares of Logitech International stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $96.60, for a total transaction of $28,980.00. Following the transaction, the insider now directly owns 7,348 shares of the company’s stock, valued at $709,816.80. The trade was a 3.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LOGI. Deutsche Bank Aktiengesellschaft upgraded Logitech International from a “sell” rating to a “hold” rating in a research report on Friday, January 31st. Morgan Stanley upgraded shares of Logitech International from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $73.00 to $92.00 in a research report on Thursday, January 23rd. StockNews.com downgraded shares of Logitech International from a “buy” rating to a “hold” rating in a research report on Monday, March 3rd. Wedbush upgraded Logitech International from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $100.00 to $125.00 in a report on Friday, March 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Logitech International from $99.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $100.14.

Logitech International Price Performance

LOGI opened at $84.41 on Tuesday. The firm has a market capitalization of $13.35 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 2.61 and a beta of 0.73. The company’s 50 day simple moving average is $96.09 and its two-hundred day simple moving average is $88.16. Logitech International S.A. has a 1-year low of $74.72 and a 1-year high of $105.65.

Logitech International (NASDAQ:LOGI) last announced its quarterly earnings data on Tuesday, January 28th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.07. Logitech International had a return on equity of 30.53% and a net margin of 14.38%. On average, equities analysts anticipate that Logitech International S.A. will post 4.21 earnings per share for the current fiscal year.

Logitech International announced that its board has approved a stock buyback plan on Wednesday, March 5th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Logitech International Profile

Logitech International SA, through its subsidiaries, designs, manufactures, and markets software-enabled hardware solutions that connect people to working, creating, gaming, and streaming worldwide. The company offers products for gamers and streamers, including mice, racing wheels, headsets, keyboards, microphones, and streaming services; corded and cordless keyboards and keyboard-and-mouse combinations; pointing devices, such as wireless mice and wireless mouse products; conference room cameras, such as ConferenceCams; controllers for video conferencing room solutions; PC-based webcams, including streaming cameras and VC webcams; tablet accessories that includes keyboards for tablets; PC and VC headsets, in-ear headphones, and premium wireless earbuds; and mobile speakers and PC speakers, as well as portable wireless Bluetooth speakers.