Logitech’s (NASDAQ:LOGI) (SIX:LOGN) CFO, Charles Boynton, is departing from the hardware and software solutions provider in May. This announcement has caused LOGI shares to drop nearly 8% lower in today’s early session.
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Boynton is leaving Logitech to pursue another opportunity. However, he will remain with the company through mid-May to preside over a smooth transition for the end of the Fiscal Year 2024. Logitech plans to announce a new CFO at a later date.
Logitech Financial Outlook
Furthermore, Logitech confirmed its financial outlook for the full Fiscal year. In Q3, Logitech’s top line declined by 1% to $1.26 billion. It expects sales of $4.2 billion to $4.25 billion for Fiscal year 2024. This points to a decline of 7% to 6% in the company’s top line.
Following a post-pandemic boom, Logitech’s top line declined to $4.54 billion in 2023 from $5.48 billion in 2022. The company has generated a total revenue of $4.23 billion on a trailing 12-month basis.
What Is LOGI’s Stock Target?
Today’s price erosion comes after a nearly 81% rally in Logitech’s share price over the past year. Overall, the Street has a $90.75 consensus price target on Logitech alongside a Moderate Buy consensus rating.
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