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Logitech shares gain for a second straight session on Tuesday, third-quarter results top estimates, full-year earnings forecast raised

Logitechs revenue and earnings for the third quarter of fiscal year 2019, reported on Monday, surged past Wall Street estimates. The company also raised its full-year earnings forecast.

Logitech shares closed higher for a second consecutive trading session on NASDAQ on Tuesday. The stock went up 0.78% ($0.26) to $33.70, after touching an intraday high at $34.04, or a price level not seen since December 12th ($34.14).

Shares of Logitech International SA have risen 7.74% so far in 2019 following a 7.02% drop in 2018.

Total revenue grew 6% year-on-year to $864.39 million during the third quarter of fiscal year 2019, which outstripped the median analyst estimate of $853.10 million.

Logitech said that non-GAAP operating income had increased 22.2% to $143 million (or $0.79 per share) during the third fiscal quarter from $117 million (or $0.65 per share) during the same period a year earlier. In comparison, analysts on average had expected earnings of $0.66 per share.

“We delivered record sales and profits in our biggest quarter of the year,” Bracken Darrell, Logitechs President and Chief Executive Officer, said in a statement.

“Our innovative, diverse portfolio drove double-digit growth across Gaming, Video Collaboration, and Creativity & Productivity. On the back of this powerful performance, we are raising our profit outlook for the year,” Darrell added.

The company revised up its non-GAAP operating income forecast for fiscal year 2019 to a range of $340 million to $345 million from a range of $325 million to $335 million, as expected previously.

According to CNN Money, the 13 analysts, offering 12-month forecasts regarding Logitech’s stock price, have a median target of $47.73, with a high estimate of $58.00 and a low estimate of $31.00. The median estimate represents a 41.63% upside compared to the closing price of $33.70 on January 22nd.

The same media also reported that 10 out of 16 surveyed investment analysts had rated Logitech’s stock as “Buy”, while 4 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Logitech International SA (LOGI) are presented as follows:

Central Pivot Point – $33.18
R1 – $33.98
R2 – $34.52
R3 – $35.32
R4 – $36.12

S1 – $32.64
S2 – $31.84
S3 – $31.30
S4 – $30.76

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