Garmin (NYSE:GRMN) Price Target Raised to $310.00

Garmin (NYSE:GRMN) had its target price raised by Tigress Financial from $305.00 to $310.00 in a research report released on Friday, Marketbeat reports. They currently have a buy rating on the scientific and technical instruments company’s stock.

A number of other research analysts have also recently commented on GRMN. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Barclays lifted their price objective on Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Morgan Stanley increased their target price on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Finally, Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $242.60.

Garmin Price Performance

Shares of GRMN stock opened at $201.41 on Friday. Garmin has a 1-year low of $169.26 and a 1-year high of $261.69. The firm has a market cap of $38.74 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. The company has a 50-day moving average of $212.64 and a two-hundred day moving average of $222.42.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.99. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The business’s revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Sell-side analysts anticipate that Garmin will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Garmin news, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total value of $512,556.10. Following the sale, the chief financial officer directly owned 28,916 shares of the company’s stock, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the transaction, the chief executive officer directly owned 135,180 shares of the company’s stock, valued at $27,878,171.40. This trade represents a 7.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 19.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Garmin

Several hedge funds and other institutional investors have recently made changes to their positions in GRMN. Mather Group LLC. grew its holdings in Garmin by 1.2% during the third quarter. Mather Group LLC. now owns 3,749 shares of the scientific and technical instruments company’s stock worth $923,000 after acquiring an additional 44 shares during the period. Fulton Bank N.A. boosted its holdings in shares of Garmin by 2.6% during the second quarter. Fulton Bank N.A. now owns 1,883 shares of the scientific and technical instruments company’s stock worth $393,000 after purchasing an additional 47 shares during the last quarter. Smith Moore & CO. lifted its holdings in shares of Garmin by 4.3% during the 2nd quarter. Smith Moore & CO. now owns 1,151 shares of the scientific and technical instruments company’s stock worth $240,000 after acquiring an additional 47 shares during the period. BSW Wealth Partners boosted its holdings in shares of Garmin by 2.9% in the 3rd quarter. BSW Wealth Partners now owns 1,724 shares of the scientific and technical instruments company’s stock valued at $425,000 after purchasing an additional 48 shares during the last quarter. Finally, Arrow Investment Advisors LLC increased its stake in Garmin by 3.6% during the second quarter. Arrow Investment Advisors LLC now owns 1,412 shares of the scientific and technical instruments company’s stock worth $295,000 after acquiring an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.