PARIS & SHANGHAI - Logitech (NASDAQ:LOGI) G, a brand under Logitech (SIX: LOGN) (NASDAQ: LOGI), renowned for its gaming technologies, has unveiled its new Racing Series of simulation racing equipment. The series, which promises to enhance customization for sim racers, was announced today at Logi Play. It includes a range of steering wheels, shifters, and handbrakes designed to cater to different racing styles and preferences.
The Racing Series aims to allow drivers to tailor their gear setup to their individual driving style, with a focus on high-quality and performance standards. The series is compatible with Logitech's Pro Series and offers backward compatibility with G Series wheels through the Logitech G Racing Adapter.
Key products in the series include the Logitech G RS Wheel Hub, which features a quick-release mechanism and compatibility with multiple platforms and steering wheels, including those from the collaboration with MOMO. The RS Track Wheel and the RS Round Wheel are designed with ergonomic materials for comfort and grip, while the RS QR Adapter offers versatility for aftermarket steering wheels. The RS Shifter & Handbrake is a 2-in-1 device with adjustable settings for precision control.
The Racing Series products are available starting September 17, 2024, with prices ranging from $59.99 for the RS QR Adapter to $149.99 for the RS Shifter & Handbrake. The RS Wheel Hubs are priced at $129.99 for the PC version and $149.99 for the Xbox/PC version.
Logitech G is a subsidiary of Logitech International, a Swiss company that specializes in hardware solutions for work and play. The company is listed on both the SIX Swiss Exchange and the Nasdaq Global Select Market.
This announcement is based on a press release statement and aims to provide sim racers with advanced equipment choices to replicate the demands of real-world racing. For further details, customers can visit Logitech G's website and blog.
In other recent news, Logitech G, a brand of Logitech, has unveiled two new sim racing wheels and the G915 X gaming keyboard, while also entering into a partnership with Italian motorsports brand MOMO. These developments come as Logitech reports a robust start to fiscal year 2025, with a 13% increase in sales and a 430 basis point margin expansion in Q1. This strong performance has led Logitech to raise its full-year outlook for net sales and non-GAAP operating income. Additionally, the company's founder, Daniel Borel, made an unsuccessful bid to replace the chairperson, Wendy Becker, who was re-elected with nearly 86% shareholder support. Loop Capital also adjusted the price target for Logitech, increasing it to $88 from $87, while continuing to recommend a Hold on the stock. These are among the recent developments for Logitech as it continues to innovate and expand its product offerings.
InvestingPro Insights
As Logitech G launches its new Racing Series, investors and gaming enthusiasts alike may be interested in the financial health and performance of its parent company, Logitech International (NASDAQ: LOGI). According to InvestingPro data, Logitech boasts a solid market capitalization of $13.25 billion, underscoring its significant presence in the tech industry. Reflecting on its valuation metrics, the company's P/E ratio stands at 19.47, with an adjusted P/E for the last twelve months as of Q1 2023 at 19.07, indicating that the stock may be reasonably priced relative to its near-term earnings growth.
Delving deeper into the company's financial stability, an InvestingPro Tip highlights that Logitech holds more cash than debt on its balance sheet, suggesting a strong liquidity position. This is further supported by the fact that liquid assets exceed short-term obligations. Moreover, Logitech has demonstrated a commitment to rewarding shareholders, having raised its dividend for 11 consecutive years, with a notable dividend growth of 36.56% over the last twelve months as of Q1 2023.
For investors considering the stock's performance and potential, another InvestingPro Tip shows that Logitech has been profitable over the last twelve months, with analysts predicting profitability for the current year as well. Additionally, the company has maintained dividend payments for 13 consecutive years, indicating a reliable income stream for dividend-focused investors.
Interested readers can find even more InvestingPro Tips for Logitech at https://www.investing.com/pro/LOGI, which currently lists a total of 10 tips offering deeper insights into the company's performance and investment potential.
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