Garmin Shares Gap Up After Insider Buying Activity (GRMN)
Garmin (NASDAQ:GRMN) shares gapped up before the market opened on Wednesday following insider buying activity, AnalystRatingsNetwork reports. The stock had previously closed at $56.05, but opened at $56.11. Garmin shares last traded at $56.97, with a volume of 677,755 shares traded.
Specifically, Director Joseph J. Hartnett purchased 1,000 shares of the company’s stock on the open market in a transaction dated Monday, August 18th. The stock was purchased at an average cost of $55.94 per share, for a total transaction of $55,940.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
A number of research firms have recently commented on GRMN. Analysts at Zacks reiterated an “outperform” rating on shares of Garmin in a research note on Thursday, July 31st. They now have a $65.00 price target on the stock. Separately, analysts at Davidson raised their price target on shares of Garmin from $60.00 to $62.00 in a research note on Thursday, July 31st. They now have a “neutral” rating on the stock. Finally, analysts at DA Davidson reiterated a “neutral” rating on shares of Garmin in a research note on Thursday, July 31st. They now have a $60.00 price target on the stock, down previously from $62.00. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Garmin presently has a consensus rating of “Hold” and a consensus target price of $57.17.
The stock has a 50-day moving average of $56.97 and a 200-day moving average of $55.59. The company has a market cap of $10.971 billion and a price-to-earnings ratio of 16.84.
Garmin (NASDAQ:GRMN) last released its earnings data on Wednesday, July 30th. The company reported $1.02 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.76 by $0.26. The company had revenue of $778.00 million for the quarter, compared to the consensus estimate of $709.25 million. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s quarterly revenue was up 11.7% on a year-over-year basis. On average, analysts predict that Garmin will post $3.07 earnings per share for the current fiscal year.
Garmin Ltd. (NASDAQ:GRMN) is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology.
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