Logitech International SA (NASDAQ:LOGI) Sees Large Decrease in Short Interest

Logitech International SA (NASDAQ:LOGI) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 1,880,000 shares, a decrease of 11.3% from the September 30th total of 2,120,000 shares. Based on an average trading volume of 162,700 shares, the days-to-cover ratio is currently 11.6 days. Approximately 1.2% of the shares of the stock are short sold.

In other news, Director Didier Hirsch sold 25,230 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $41.79, for a total transaction of $1,054,361.70. Following the sale, the director now directly owns 37,797 shares of the company’s stock, valued at approximately $1,579,536.63. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Bracken Darrell sold 26,426 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $40.77, for a total transaction of $1,077,388.02. Following the sale, the chief executive officer now directly owns 749,723 shares in the company, valued at $30,566,206.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,965 shares of company stock worth $6,504,911. Corporate insiders own 1.70% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in Logitech International by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,282,858 shares of the technology company’s stock valued at $51,327,000 after buying an additional 102,453 shares in the last quarter. First Trust Advisors LP raised its holdings in Logitech International by 12.4% in the 2nd quarter. First Trust Advisors LP now owns 52,851 shares of the technology company’s stock valued at $2,101,000 after acquiring an additional 5,814 shares during the last quarter. Jane Street Group LLC raised its holdings in Logitech International by 130.8% in the 2nd quarter. Jane Street Group LLC now owns 347,200 shares of the technology company’s stock valued at $13,870,000 after acquiring an additional 196,737 shares during the last quarter. LPL Financial LLC raised its holdings in Logitech International by 56.9% in the 2nd quarter. LPL Financial LLC now owns 10,969 shares of the technology company’s stock valued at $436,000 after acquiring an additional 3,977 shares during the last quarter. Finally, Opus Capital Group LLC acquired a new stake in Logitech International in the 2nd quarter valued at about $219,000. 34.34% of the stock is currently owned by hedge funds and other institutional investors.

Logitech International stock traded up $0.16 during midday trading on Monday, reaching $43.18. The company had a trading volume of 130,000 shares, compared to its average volume of 205,412. The company has a market capitalization of $6.79 billion, a P/E ratio of 24.82 and a beta of 1.25. Logitech International has a 12-month low of $29.06 and a 12-month high of $43.34. The firm’s fifty day simple moving average is $40.97 and its 200-day simple moving average is $39.75.

Logitech International (NASDAQ:LOGI) last issued its quarterly earnings results on Monday, October 21st. The technology company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.05. The firm had revenue of $719.69 million for the quarter, compared to analyst estimates of $725.70 million. Logitech International had a net margin of 9.58% and a return on equity of 26.01%. During the same period last year, the company posted $0.49 EPS. On average, research analysts forecast that Logitech International will post 1.85 earnings per share for the current fiscal year.

Several equities research analysts have recently issued reports on the stock. Wedbush reissued a “buy” rating and set a $46.00 target price on shares of Logitech International in a research note on Tuesday, October 22nd. DA Davidson set a $58.00 target price on shares of Logitech International and gave the stock a “buy” rating in a research note on Tuesday, October 15th. BidaskClub lowered shares of Logitech International from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Maxim Group reissued a “hold” rating and set a $36.00 target price on shares of Logitech International in a research note on Wednesday, July 24th. Finally, ValuEngine lowered shares of Logitech International from a “hold” rating to a “sell” rating in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $45.33.

Logitech International Company Profile

Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms worldwide. The company offers portable wireless Bluetooth and Wi-Fi speakers, PC speakers, PC headsets, in-ear headphones, and wireless audio wearables; gaming mice, keyboards, headsets, mousepads, and steering wheels and flight sticks; and audio and video, and other products that connect small and medium sized user groups.

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