Logitech International (NASDAQ:LOGI) Shares Gap Down – Here’s Why

Logitech International S.A. (NASDAQ:LOGI) gapped down prior to trading on Monday . The stock had previously closed at $84.39, but opened at $80.29. Logitech International shares last traded at $81.30, with a volume of 165,000 shares changing hands.

Analysts Set New Price Targets

LOGI has been the subject of a number of analyst reports. Barclays reduced their price target on Logitech International from $105.00 to $103.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Bank of America cut shares of Logitech International from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $114.00 to $92.00 in a research report on Monday. Wedbush reaffirmed a “neutral” rating and issued a $88.00 price objective on shares of Logitech International in a report on Wednesday, October 23rd. JPMorgan Chase & Co. dropped their price objective on Logitech International from $98.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Finally, UBS Group upgraded shares of Logitech International from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $92.88.

Logitech International Stock Performance

The company has a market capitalization of $13.23 billion, a P/E ratio of 18.63, a price-to-earnings-growth ratio of 1.94 and a beta of 0.78. The firm’s fifty day moving average is $82.53 and its 200-day moving average is $88.04.

Insider Buying and Selling at Logitech International

In other news, Director Guy Gecht purchased 2,500 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were purchased at an average price of $81.12 per share, with a total value of $202,800.00. Following the completion of the acquisition, the director now owns 18,503 shares in the company, valued at $1,500,963.36. This trade represents a 15.62 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Logitech International

Several institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Logitech International by 6.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,206 shares of the technology company’s stock valued at $200,000 after acquiring an additional 128 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in shares of Logitech International by 5.8% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,339 shares of the technology company’s stock worth $210,000 after acquiring an additional 128 shares during the last quarter. Public Sector Pension Investment Board raised its stake in Logitech International by 0.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 65,450 shares of the technology company’s stock worth $6,331,000 after acquiring an additional 168 shares during the period. Investment Management Corp of Ontario boosted its holdings in Logitech International by 0.4% in the 3rd quarter. Investment Management Corp of Ontario now owns 40,439 shares of the technology company’s stock worth $3,629,000 after buying an additional 170 shares during the period. Finally, Evergreen Capital Management LLC raised its stake in Logitech International by 5.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 3,510 shares of the technology company’s stock valued at $340,000 after purchasing an additional 194 shares during the period. 45.76% of the stock is currently owned by institutional investors.

Logitech International Company 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.