Logitech International (NASDAQ:LOGI) to Repurchase $600.00 million in Shares

Logitech International (NASDAQ:LOGI) declared that its Board of Directors has initiated a share repurchase plan on Wednesday, March 5th, RTT News reports. The company plans to buyback $600.00 million in shares. This buyback authorization allows the technology company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

LOGI has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Logitech International from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Barclays lifted their price target on shares of Logitech International from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Kepler Capital Markets upgraded shares of Logitech International from a “hold” rating to a “buy” rating in a research report on Thursday, January 30th. Morgan Stanley upgraded shares of Logitech International from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $73.00 to $92.00 in a research report on Thursday, January 23rd. Finally, Citigroup boosted their target price on shares of Logitech International from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $96.88.

Logitech International Trading Down 1.2 %

NASDAQ LOGI opened at $96.50 on Friday. Logitech International has a 12 month low of $74.72 and a 12 month high of $105.65. The company’s 50-day moving average price is $94.04 and its 200-day moving average price is $87.90. The stock has a market cap of $15.26 billion, a PE ratio of 22.65, a PEG ratio of 2.61 and a beta of 0.73.

Logitech International (NASDAQ:LOGI) last issued its earnings results on Tuesday, January 28th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.07. Logitech International had a net margin of 14.38% and a return on equity of 30.53%. As a group, sell-side analysts forecast that Logitech International will post 4.21 earnings per share for the current year.

Insider Activity at Logitech International

In other Logitech International news, insider Samantha Harnett sold 300 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $96.60, for a total transaction of $28,980.00. Following the completion of the transaction, the insider now directly owns 7,348 shares of the company’s stock, valued at approximately $709,816.80. This trade represents a 3.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.16% of the stock is currently owned by insiders.

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.