Atria Investments Inc. has decreased its holdings in Logitech International S.A. (NASDAQ: LOGI) by 21.0% during the second quarter of 2023, according to a recent filing with the Securities & Exchange Commission. After selling 680 shares, Atria now owns 2,559 shares of the technology company’s stock, which were valued at approximately $231,000 at the time of the filing.
Changes in institutional investments have been notable, as various hedge funds have adjusted their positions in Logitech. For instance, Envestnet Asset Management Inc. raised its stake by 8.9% during the first quarter, resulting in ownership of 109,716 shares valued at $9,261,000 after acquiring an additional 8,971 shares. Similarly, Cerity Partners LLC significantly increased its holdings by 390.2%, now owning 27,493 shares valued at $2,321,000 following the purchase of 21,885 shares.
Other notable adjustments include Kestra Private Wealth Services LLC, which raised its position by 16.6%, owning 9,449 shares now valued at $798,000. Venturi Wealth Management LLC boosted its stake by 7.5%, bringing its total to 12,365 shares worth $1,044,000. Lastly, Cetera Investment Advisers increased its stake by 14.5%, with 20,890 shares valued at $1,763,000. Collectively, institutional investors own approximately 45.76% of Logitech International’s stock.
Logitech’s Market Performance
On October 28, 2023, Logitech International reported its quarterly earnings, revealing an earnings per share (EPS) of $1.45, exceeding analysts’ expectations of $1.22 by $0.23. The company achieved a revenue of $1.19 billion, slightly above the anticipated $1.18 billion. This represents a 6.3% year-over-year increase in revenue, compared to $1.20 EPS during the same quarter last year. Logitech International also announced its guidance for Q3 2026.
The company’s stock opened at $118.59 and maintains a market capitalization of $18.76 billion. Logitech has a price-to-earnings ratio of 26.89 and a beta of 1.05. The stock has fluctuated between a 1-year low of $64.73 and a high of $123.01. Its fifty-day moving average stands at $112.28, while the 200-day moving average is $98.23.
Analyst Ratings and Insider Activity
Several brokerages have updated their ratings for Logitech International. Notably, BNP Paribas upgraded the stock from a “hold” to a “strong-buy” rating, raising the target price from $100.00 to $109.00. Wedbush also increased its price target from $115.00 to $120.00, issuing an “outperform” rating. Moreover, Zacks Research and Wall Street Zen have similarly raised their ratings, indicating a positive outlook for Logitech.
As for insider activity, Prakash Arunkundrum, an insider at Logitech, sold 5,000 shares on September 16 for an average price of $111.03, totaling $555,150. Following this transaction, Arunkundrum holds 62,437 shares valued at approximately $6,932,380. Additionally, director Neela Montgomery sold 5,833 shares on October 31 for an average price of $120.61, amounting to $703,518. Insiders have collectively sold 20,733 shares valued at $2,298,168 in the past ninety days.
Logitech International S.A. continues to be a key player in the technology sector, designing and manufacturing a range of software-enabled hardware solutions that connect users worldwide. Its diverse offerings include products for gaming, streaming, and office use, reinforcing its position in a competitive market.
