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

Garmin (NYSE:GRMN) had its target price raised by stock analysts at Tigress Financial from $305.00 to $310.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the scientific and technical instruments company’s stock. Tigress Financial’s price objective points to a potential upside of 52.98% from the stock’s current price.

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

Garmin Stock Performance

GRMN traded up $0.44 on Friday, hitting $202.64. The company had a trading volume of 221,764 shares, compared to its average volume of 940,861. The stock has a market capitalization of $38.98 billion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 2.28 and a beta of 1.01. The stock has a fifty day moving average price of $213.58 and a 200-day moving average price of $222.19. Garmin has a 12-month low of $169.26 and a 12-month high of $261.69.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, meeting analysts’ consensus estimates of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the prior year, the company posted $1.99 earnings per share. Garmin’s revenue for the quarter was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Analysts forecast that Garmin will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In other news, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer owned 28,916 shares in the company, valued at $5,964,214.16. This trade represents a 7.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the transaction, the chief executive officer owned 135,180 shares of the company’s stock, valued at approximately $27,878,171.40. This trade represents a 7.16% decrease in their position. The disclosure for this sale is available in the SEC filing. 15.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garmin

Several hedge funds and other institutional investors have recently made changes to their positions in GRMN. Quaker Wealth Management LLC raised its stake in Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 264 shares during the last quarter. Groupe la Francaise acquired a new stake in Garmin in the 1st quarter valued at about $33,000. Richardson Financial Services Inc. lifted its stake in Garmin by 62.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 51 shares in the last quarter. Cornerstone Planning Group LLC boosted its holdings in shares of Garmin by 788.9% during the 3rd quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after purchasing an additional 142 shares during the last quarter. Finally, Tradewinds Capital Management LLC purchased a new stake in shares of Garmin in the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.