Logitech (NASDAQ:LOGI) Plummets on CFO Departure
Market News

Logitech (NASDAQ:LOGI) Plummets on CFO Departure

Story Highlights

Logitech shares are under pressure today after the company announced the departure of its CFO.

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.

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.  

Read full Disclosure


Price Change
S&P 500
Dow Jones
Nasdaq 100

Popular Articles