Morgan Stanley Cuts Logitech International (NASDAQ:LOGI) Price Target to $88.00

Logitech International (NASDAQ:LOGI) had its price objective reduced by Morgan Stanley from $89.00 to $88.00 in a research note issued to investors on Wednesday,Benzinga reports. Morgan Stanley currently has an underweight rating on the technology company’s stock.

LOGI has been the topic of several other research reports. Bank of America lowered shares of Logitech International from a “neutral” rating to an “underperform” rating and set a $86.00 price objective on the stock. in a research note on Tuesday, June 30th. Citigroup upped their target price on shares of Logitech International from $115.00 to $124.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Wedbush reissued an “outperform” rating and set a $135.00 price target on shares of Logitech International in a research report on Wednesday, May 6th. Wall Street Zen lowered shares of Logitech International from a “buy” rating to a “hold” rating in a report on Sunday, April 26th. Finally, Barclays raised their price objective on Logitech International from $98.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $109.57.

Logitech International Stock Performance

Shares of NASDAQ:LOGI opened at $101.95 on Wednesday. Logitech International has a 52 week low of $83.32 and a 52 week high of $129.66. The firm has a 50 day simple moving average of $106.45 and a 200 day simple moving average of $98.31. The company has a market cap of $14.94 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 4.29 and a beta of 1.17.

Logitech International (NASDAQ:LOGI) last posted its earnings results on Tuesday, May 5th. The technology company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.93 EPS. On average, equities analysts predict that Logitech International will post 5.16 earnings per share for the current year.

Logitech International Cuts Dividend

The company also recently disclosed an annual dividend, which will be paid on Wednesday, September 23rd. Investors of record on Tuesday, September 22nd will be issued a dividend of $1.36 per share. The ex-dividend date is Tuesday, September 22nd. This represents a dividend yield of 126.0%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its holdings in Logitech International by 61.2% during the first quarter. AQR Capital Management LLC now owns 4,175 shares of the technology company’s stock worth $352,000 after purchasing an additional 1,585 shares during the period. Rhumbline Advisers raised its stake in Logitech International by 3.3% in the second quarter. Rhumbline Advisers now owns 4,732 shares of the technology company’s stock valued at $426,000 after buying an additional 152 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Logitech International by 40.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 576 shares of the technology company’s stock valued at $52,000 after buying an additional 165 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Logitech International by 13.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,779 shares of the technology company’s stock valued at $160,000 after buying an additional 206 shares during the last quarter. Finally, Guggenheim Capital LLC boosted its stake in shares of Logitech International by 1.3% during the 2nd quarter. Guggenheim Capital LLC now owns 10,182 shares of the technology company’s stock worth $918,000 after acquiring an additional 126 shares during the period. Institutional investors and hedge funds own 45.76% of the company’s stock.

Logitech International Company Profile

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company’s product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.