Atria Investments Inc has reduced its stake in Logitech International S.A. (NASDAQ: LOGI) by a significant **21.0%** during the second quarter of 2023. According to the company’s latest **13F filing** with the Securities and Exchange Commission, Atria now holds **2,559 shares** of Logitech after selling **680 shares** within the quarter. As of the most recent filing, Atria’s holdings in the technology firm are valued at approximately **$231,000**.
Several other institutional investors have also made adjustments to their positions in Logitech. Notably, **Envestnet Asset Management Inc.** increased its stake by **8.9%** during the first quarter, now holding **109,716 shares** valued at **$9,261,000** after acquiring an additional **8,971 shares**. Similarly, **Cerity Partners LLC** raised its holdings by an impressive **390.2%**, bringing its total to **27,493 shares** worth **$2,321,000** after purchasing an additional **21,885 shares**.
Other firms, including **Kestra Private Wealth Services LLC** and **Venturi Wealth Management LLC**, also boosted their stakes by **16.6%** and **7.5%**, respectively. The former now owns **9,449 shares** valued at **$798,000**, while the latter’s holdings amount to **12,365 shares** worth **$1,044,000**. Additionally, **Cetera Investment Advisers** increased its stake by **14.5%**, resulting in ownership of **20,890 shares** valued at **$1,763,000**. Collectively, hedge funds and institutional investors own **45.76%** of Logitech’s stock.
Logitech International’s stock price performance reflects a market capitalization of **$18.76 billion**. On **October 27, 2023**, the stock opened at **$118.59**, with a price-to-earnings ratio of **26.89** and a PEG ratio of **4.25**. Over the past year, the stock has fluctuated between a low of **$64.73** and a high of **$123.01**. The company’s fifty-day moving average stands at **$112.28**, while the 200-day moving average is **$98.23**.
On **October 28, 2023**, Logitech published its quarterly earnings, reporting earnings per share (EPS) of **$1.45**, surpassing analysts’ expectations of **$1.22** by **$0.23**. The company also achieved a **32.01%** return on equity and a net margin of **14.11%**. During the quarter, Logitech generated **$1.19 billion** in revenue, exceeding anticipated figures of **$1.18 billion** and demonstrating a **6.3%** increase compared to the same period the previous year. Looking ahead, Logitech has provided guidance for Q3 2026, projecting an EPS of **4.21** for the current year.
In light of its performance, multiple brokerages have recently updated their ratings for Logitech International. **BNP Paribas** upgraded the stock from “hold” to “strong buy” and revised the target price from **$100.00** to **$109.00**. Meanwhile, **Wedbush** raised its price target from **$115.00** to **$120.00**, assigning an “outperform” rating. **Zacks Research** also upgraded Logitech from “hold” to “strong buy,” while **Wall Street Zen** and **Citigroup** made similar upgrades, with Citigroup increasing its target from **$100.00** to **$130.00**.
As of now, two research analysts have rated Logitech with a **Strong Buy**, seven have given it a **Buy** rating, and five analysts have assigned a **Hold** rating. The consensus target price for the stock is approximately **$106.00**, according to data from **MarketBeat.com**.
In other developments, insider transactions indicate notable share sales. On **September 16, 2023**, insider **Prakash Arunkundrum** sold **5,000 shares** at an average price of **$111.03**, totaling **$555,150**. Following this transaction, Arunkundrum’s direct ownership decreased by **7.41%**. Additionally, Director **Neela Montgomery** sold **5,833 shares** on **October 31, 2023**, realizing **$703,518.13** from the sale. Montgomery’s position decreased by **31.34%** after the transaction.
Logitech International S.A. operates globally, designing and manufacturing software-enabled hardware solutions that connect people to various activities, including work, gaming, and streaming. Its extensive product line includes gaming peripherals, webcams, conference room solutions, and mobile accessories.
As the company navigates significant changes among institutional investors and prepares for future earnings reports, the market will be watching closely to see how these developments impact Logitech’s performance in the coming quarters.
