Logitech (LOGI) to Launch PS5 Adaptive Gaming Kit Next Year
Logitech International's LOGI brand, Logitech G, has announced the upcoming release of the Logitech G Adaptive Gaming Kit for the PlayStation 5 (PS5) Access controller in January 2024. Logitech and Sony are collaborating to launch this kit to offer customizable options to enable gamers with disabilities to enjoy their gaming experiences.
The kit includes a variety of high-performance and durable buttons and triggers that are specifically designed to meet the accessibility needs of gamers. It also features gaming-grade mechanical button switches, adjustable trigger controls, custom PS5 controller labels, velcro ties and a host of other options for optimal setup and customization.
The Logitech G Adaptive Gaming Kit for the Access controller will be accessible for purchase through both the Logitech G website and selected retail outlets. The users must have a PS5 Console and Access controller to utilize the Adaptive Gaming Kit.
Logitech International S.A. Price and Consensus
Logitech International S.A. price-consensus-chart | Logitech International S.A. Quote
The launch of the Adaptive Gaming Kit is part of a series of product launches in the second quarter of 2024, which also included the Logitech G PRO X TKL LIGHTSPEED Gaming Keyboard, Logitech G PRO X SUPERLIGHT 2 Gaming Mouse, Wave Keys Keyboards and the latest generation of Yeti microphones.
Shares of Logitech have outperformed the Zacks Computer – Peripheral Equipment industry in the year-to-date (YTD) period. Shares of LOGI have gained 14.2% YTD compared with the Computer – Peripheral Equipment industry’s rise of 2.1%.
Logitech Focuses on Expanding Product Portfolio
Logitech intends to tap the high-potential market for accessories by pursuing innovation and expanding its product lines. The company has manufactured innovative offerings like the fastest performing mouse and keyboard switches, wireless mouse with longest battery and multi-device keyboards, among others.
LOGI is also expanding its product portfolio through acquisitions. In July 2023, it acquired Finland’s Loupedeck. The acquisition is expected to enhance Logitech’s ability to provide customizable and contextual control experiences for the company’s full portfolio of devices, including the Logitech Software Roadmap solution.
Loupedeck offers deep native integrations with industry-leading creative software for photo editing, retouching, video editing, color grading design and streaming. Its custom consoles combine analog control with digital precision to offer power and flexibility to all creators. With this buyout, Logitech will leverage Loupedeck’s strong and growing developer community that will unveil advanced innovation, empowering streamers, creators and gamers.
LOGI’s sustained focus on introducing new and innovative products might boost sales and somewhat offset the negative impact of the weakened demand for PC peripheral products. In 2020 and 2021, Logitech benefited from the elevated demand for its Video Collaboration, PC Webcams, Keyboards & Combos and Pointing Device tools, mainly driven by the heightening of work-from-home and learn-from-home trends.
However, the weakening global economy amid ongoing macroeconomic and geopolitical issues enhanced global recessionary concerns, thereby prompting enterprises to postpone their large IT spending plan. Furthermore, continued industry layoffs due to growing recessionary concerns are hampering the demand for PC peripheral products by organizations.
The aforementioned factors are hurting Logitech’s financial performance. In first-quarter fiscal 2024, the company’s revenues and non-GAAP earnings per share declined 16% and 12%, respectively, on a year-over-year basis.
Zacks Rank and Other Stocks to Consider
Currently, Logitech carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader technology sector are NVIDIA NVDA, Synopsys SNPS and Palo Alto Networks PANW, each sporting a Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 2 cents to $3.34 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 7 cents to $10.74 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 9.8%. Shares of NVDA have rallied 211% year to date.
The Zacks Consensus Estimate for Synopsys’ fourth-quarter fiscal 2023 earnings has been revised upward by 12 cents to $3.04 per share in the past 60 days. For fiscal 2023, earnings estimates have moved upward by 27 cents to $11.09 per share in the past 60 days.
Synopsys’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 4.23%. Shares of SNPS have gained 53.4% year to date.
The Zacks Consensus Estimate for Palo Alto Networks' first-quarter fiscal 2024 earnings has been revised upward by 6 cents to $1.16 per share in the past 60 days. For fiscal 2024, earnings estimates have increased by 39 cents to $5.34 per share in the past 60 days.
Palo Alto Networks’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 22.2%. Shares of PANW have surged 85.9% year to date.
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