Logitech (NASDAQ:LOGI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday. The firm presently has a $47.00 price target on the technology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 15.91% from the company’s previous close.
According to Zacks, “Logitech ended FY18 on a strong note with reporting better-than-expected results for the fourth quarter. Furthermore, the company attains its highest ever yearly sales mark in fiscal 2018. The company has been benefiting from broad-based growth across its retail business, with strong momentum in Gaming, Mobile Speakers and Video Collaboration businesses. Going forward, solid market traction of the recently launched products is likely to fuel growth. Notably, Logitech’s shares have outperformed the industry’s average return in a year’s time frame. However, on the flip side, fluctuations in the company’s product lines remain a concern. Further, currency risks remain one of its major headwinds. In addition, increasing R&D expenses as well as economic challenges in Russia and Europe continue to impact earnings and could be concerns in the quarters ahead. Moreover, strong competition in the sector poses as a major headwind.”
A number of other equities analysts have also recently issued reports on LOGI. BidaskClub upgraded Logitech from a “hold” rating to a “buy” rating in a report on Saturday, January 20th. Citigroup lifted their target price on Logitech from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. JPMorgan Chase lifted their target price on Logitech from $40.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. ValuEngine upgraded Logitech from a “hold” rating to a “buy” rating in a report on Friday, March 2nd. Finally, DA Davidson initiated coverage on Logitech in a report on Thursday, March 15th. They issued a “buy” rating and a $46.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $46.00.
Logitech (NASDAQ:LOGI) last issued its earnings results on Wednesday, May 2nd. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.14. The business had revenue of $592.43 million for the quarter, compared to analysts’ expectations of $563.68 million. Logitech had a return on equity of 24.69% and a net margin of 8.16%. analysts anticipate that Logitech will post 1.14 earnings per share for the current fiscal year.
In other news, CEO Bracken Darrell sold 179,720 shares of the firm’s stock in a transaction on Friday, May 4th. The stock was sold at an average price of $39.58, for a total value of $7,113,317.60. Following the completion of the sale, the chief executive officer now owns 728,329 shares of the company’s stock, valued at $28,827,261.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vincent Pilette sold 115,000 shares of the firm’s stock in a transaction on Friday, May 4th. The stock was sold at an average price of $39.61, for a total value of $4,555,150.00. Following the completion of the sale, the chief financial officer now directly owns 302,019 shares of the company’s stock, valued at approximately $11,962,972.59. The disclosure for this sale can be found here. In the last ninety days, insiders sold 355,101 shares of company stock valued at $14,088,538. 2.20% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Financial Gravity Companies Inc. acquired a new stake in shares of Logitech in the fourth quarter worth $138,000. First Mercantile Trust Co. acquired a new stake in shares of Logitech in the first quarter worth $134,000. Millennium Management LLC acquired a new stake in shares of Logitech in the first quarter worth $207,000. Atria Investments LLC acquired a new stake in shares of Logitech in the fourth quarter worth $204,000. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Logitech in the first quarter worth $310,000. 33.50% of the stock is owned by institutional investors and hedge funds.
Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms worldwide. The company offers portable wireless Bluetooth speakers, PC speakers, PC headsets, in-ear headphones, and wireless audio wearables; gaming mice, keyboards, headsets, mousepads, and steering wheels and flight sticks; and audio and video, and other products that connect small and medium sized user groups.
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