Logitech International (NASDAQ:LOGI) Shares Gap Up After Strong Earnings

Logitech International S.A. (NASDAQ:LOGI)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $92.96, but opened at $97.00. Logitech International shares last traded at $98.61, with a volume of 572,272 shares trading hands.

The technology company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.07. Logitech International had a return on equity of 30.68% and a net margin of 15.65%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LOGI. JPMorgan Chase & Co. raised their target price on shares of Logitech International from $99.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday. Barclays raised their price objective on shares of Logitech International from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday. Loop Capital dropped their target price on shares of Logitech International from $88.00 to $81.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Morgan Stanley upgraded Logitech International from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $73.00 to $92.00 in a research report on Thursday, January 23rd. Finally, UBS Group upgraded Logitech International from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $97.13.

Institutional Investors Weigh In On Logitech International

Several large investors have recently modified their holdings of the business. AQR Capital Management LLC acquired a new position in shares of Logitech International in the 2nd quarter valued at approximately $235,000. Creative Planning lifted its stake in Logitech International by 5.1% in the second quarter. Creative Planning now owns 28,611 shares of the technology company’s stock valued at $2,772,000 after buying an additional 1,391 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Logitech International by 14.1% in the second quarter. Cetera Investment Advisers now owns 13,882 shares of the technology company’s stock valued at $1,345,000 after buying an additional 1,717 shares during the period. Aristides Capital LLC bought a new stake in shares of Logitech International during the second quarter worth $287,000. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of Logitech International by 21.9% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 41,170 shares of the technology company’s stock worth $3,989,000 after acquiring an additional 7,400 shares during the period. 45.76% of the stock is currently owned by institutional investors.

Logitech International Stock Up 6.1 %

The firm has a market capitalization of $15.59 billion, a price-to-earnings ratio of 22.03, a price-to-earnings-growth ratio of 2.74 and a beta of 0.77. The business’s fifty day moving average is $84.41 and its 200 day moving average is $85.62.

About Logitech International

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.