Logitech International (NASDAQ:LOGI) Shares Gap Up on Earnings Beat

Logitech International S.A. (NASDAQ:LOGI - Get Free Report)'s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. 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 traded.

The technology company reported $1.42 earnings per share (EPS) for the quarter, topping 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%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on LOGI. Morgan Stanley upgraded Logitech International from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $73.00 to $92.00 in a research note on Thursday, January 23rd. UBS Group raised shares of Logitech International from a "sell" rating to a "neutral" rating in a report on Wednesday, November 20th. Bank of America downgraded shares of Logitech International from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $114.00 to $92.00 in a report on Monday, December 16th. StockNews.com raised shares of Logitech International from a "hold" rating to a "buy" rating in a report on Thursday, January 23rd. Finally, Wedbush reissued a "neutral" rating and set a $88.00 price objective on shares of Logitech International in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Logitech International has an average rating of "Hold" and an average price target of $97.13.

Hedge Funds Weigh In On Logitech International

Institutional investors have recently modified their holdings of the stock. Exane Asset Management purchased a new position in shares of Logitech International during the fourth quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB increased its holdings in Logitech International by 56.0% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 649 shares of the technology company's stock valued at $53,000 after buying an additional 233 shares during the period. Transamerica Financial Advisors Inc. increased its holdings in Logitech International by 115,300.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 1,154 shares of the technology company's stock valued at $104,000 after buying an additional 1,153 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Logitech International in the 3rd quarter valued at $105,000. Finally, CWM LLC raised its position in shares of Logitech International by 21.3% in the 3rd quarter. CWM LLC now owns 2,062 shares of the technology company's stock worth $185,000 after acquiring an additional 362 shares in the last quarter. 45.76% of the stock is owned by hedge funds and other institutional investors.

Logitech International Stock Performance

The business has a 50 day moving average of $85.18 and a two-hundred day moving average of $85.80. The stock has a market capitalization of $15.70 billion, a PE ratio of 22.11, a PEG ratio of 2.74 and a beta of 0.77.

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.