Brokerages Set Garmin Ltd. (NYSE:GRMN) Target Price at $244.40

Garmin Ltd. (NYSE:GRMN) has been assigned an average rating of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $244.40.

A number of equities analysts have recently commented on GRMN shares. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th. Morgan Stanley increased their target price on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Thursday. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target for the company in a report on Wednesday, December 3rd. Finally, Barclays raised Garmin from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $208.00 to $217.00 in a research report on Friday, January 16th.

Garmin Trading Up 0.1%

Shares of Garmin stock opened at $206.24 on Thursday. The firm has a fifty day simple moving average of $203.10 and a 200-day simple moving average of $222.43. The stock has a market capitalization of $39.67 billion, a price-to-earnings ratio of 25.40, a PEG ratio of 2.18 and a beta of 1.00. Garmin has a 1-year low of $169.26 and a 1-year 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 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 analyst estimates of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. Garmin’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the business posted $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, research analysts predict that Garmin will post 7.8 earnings per share for the current year.

Insider Buying and Selling at Garmin

In related news, COO Patrick Desbois sold 3,678 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $210.40, for a total value of $773,851.20. Following the completion of the sale, the chief operating officer owned 61,798 shares in the company, valued at approximately $13,002,299.20. This trade represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 2,485 shares of Garmin stock in a transaction dated Tuesday, December 16th. The stock was 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 in the company, valued at approximately $5,964,214.16. This trade represents a 7.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,594 shares of company stock valued at $3,437,592 in the last ninety days. Company insiders own 15.38% of the company’s stock.

Institutional Trading of Garmin

Institutional investors have recently made changes to their positions in the business. Andra AP fonden boosted its stake in shares of Garmin by 87.2% during the 2nd quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after buying an additional 31,200 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in Garmin by 4.2% during the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after acquiring an additional 4,943 shares in the last quarter. EFG Asset Management Americas Corp. boosted its position in Garmin by 34.1% during the second quarter. EFG Asset Management Americas Corp. now owns 10,455 shares of the scientific and technical instruments company’s stock valued at $2,182,000 after purchasing an additional 2,659 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Garmin by 6.9% during the 2nd quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock worth $4,111,435,000 after purchasing an additional 1,273,163 shares during the last quarter. Finally, First Horizon Corp bought a new stake in shares of Garmin during the 3rd quarter worth approximately $7,834,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Company Profile

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.