Garmin (NYSE:GRMN) Stock Price Expected to Rise, Tigress Financial Analyst Says

Garmin (NYSE:GRMN) had its target price upped by research analysts at Tigress Financial from $305.00 to $310.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the scientific and technical instruments company’s stock. Tigress Financial’s target price would suggest a potential upside of 52.98% from the stock’s previous close.

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

Garmin Trading Up 0.2%

NYSE GRMN traded up $0.44 during trading hours on Friday, hitting $202.64. 221,764 shares of the company’s stock traded hands, compared to its average volume of 940,861. Garmin has a 52 week low of $169.26 and a 52 week high of $261.69. The firm has a market capitalization of $38.98 billion, a P/E ratio of 24.92, a P/E/G ratio of 2.28 and a beta of 1.01. The business’s fifty day moving average price is $213.58 and its two-hundred day moving average price is $222.19.

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

Insiders Place Their Bets

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

Institutional Trading of Garmin

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quaker Wealth Management LLC lifted its holdings in shares of 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 worth $28,000 after acquiring an additional 264 shares during the last quarter. Groupe la Francaise bought a new position in Garmin in the 1st quarter valued at $33,000. Richardson Financial Services Inc. lifted its position in shares of Garmin by 62.2% during the third 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 during the last quarter. Cornerstone Planning Group LLC boosted its stake in shares of Garmin by 788.9% during the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock valued at $39,000 after purchasing an additional 142 shares during the period. Finally, Tradewinds Capital Management LLC purchased a new position in Garmin in the 3rd quarter worth about $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.