Atria Investments Inc. has reduced its stake in Logitech International S.A. (NASDAQ:LOGI) by 21% during the second quarter of 2023, as revealed in the company’s recent 13F filing with the Securities and Exchange Commission. Following the sale of 680 shares, Atria now holds 2,559 shares of the technology firm, valued at approximately $231,000.
The decision by Atria is part of a broader trend among institutional investors adjusting their positions in Logitech. For instance, Envestnet Asset Management Inc. increased its stake by 8.9% in the first quarter, now owning 109,716 shares valued at around $9.26 million after acquiring an additional 8,971 shares. Similarly, Cerity Partners LLC raised its holdings by an impressive 390.2% during the same period, bringing its total to 27,493 shares worth about $2.32 million.
Other firms have also shown varying levels of confidence in Logitech. Kestra Private Wealth Services LLC boosted its position by 16.6%, while Venturi Wealth Management LLC and Cetera Investment Advisers increased their stakes by 7.5% and 14.5% respectively. Together, hedge funds and institutional investors now hold 45.76% of Logitech’s stock.
Recent Performance and Market Outlook
Logitech International opened at $118.59 on October 27, 2023, with a market capitalization of $18.76 billion. The company has a price-to-earnings ratio of 26.89 and a beta of 1.05. Over the past year, the stock has fluctuated between a low of $64.73 and a high of $123.01. The fifty-day moving average price stands at $112.28, while the 200-day moving average is $98.23.
In its most recent earnings report on October 28, 2023, Logitech announced earnings per share (EPS) of $1.45, surpassing analysts’ expectations of $1.22 by $0.23. The company generated $1.19 billion in revenue, slightly above the forecast of $1.18 billion, marking an increase of 6.3% year-over-year. Logitech has set its guidance for Q3 2026 at EPS of $4.21 for the current year.
Analyst Ratings and Insider Activity
Several brokerages have recently revised their ratings on Logitech. BNP Paribas upgraded the stock from a “hold” to a “strong-buy” rating, increasing the target price from $100.00 to $109.00. Wedbush raised its price target from $115.00 to $120.00, giving the company an “outperform” rating. Meanwhile, Zacks Research and Wall Street Zen have also upgraded their ratings, reflecting growing confidence in the company’s prospects.
In terms of insider trading, Prakash Arunkundrum, an insider, sold 5,000 shares on September 16, 2023, at an average price of $111.03, totaling approximately $555,150. Following this transaction, Arunkundrum holds 62,437 shares valued at about $6.93 million. Additionally, Neela Montgomery, a director, sold 5,833 shares on October 31, 2023, for around $703,518.
Overall, Logitech International S.A. continues to adapt amidst changing market dynamics, with institutional investors recalibrating their strategies and analysts expressing optimism about its future performance. The company, known for its software-enabled hardware solutions, remains a key player in connecting people through work, gaming, and streaming across the globe.
