Analysts Set Garmin Ltd. (NYSE:GRMN) Price Target at $171.00

Shares of Garmin Ltd. (NYSE:GRMN) have been given an average rating of “Reduce” by the six brokerages that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $171.00.

Several research analysts have issued reports on GRMN shares. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Barclays raised their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Finally, Tigress Financial lifted their target price on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th.

Insiders Place Their Bets

In other news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GRMN. Public Sector Pension Investment Board grew its holdings in shares of Garmin by 71.2% during the second quarter. Public Sector Pension Investment Board now owns 5,982 shares of the scientific and technical instruments company’s stock worth $975,000 after purchasing an additional 2,487 shares in the last quarter. MBB Public Markets I LLC purchased a new position in Garmin in the 2nd quarter worth approximately $1,591,000. Scientech Research LLC bought a new position in shares of Garmin in the 2nd quarter worth $337,000. Algert Global LLC purchased a new stake in shares of Garmin during the 2nd quarter valued at $508,000. Finally, Creative Planning lifted its holdings in shares of Garmin by 7.6% during the 2nd quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock worth $5,456,000 after acquiring an additional 2,380 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Down 0.7 %

Garmin stock opened at $215.58 on Monday. The company has a market capitalization of $41.40 billion, a PE ratio of 27.36, a PEG ratio of 1.30 and a beta of 0.98. Garmin has a 12-month low of $119.15 and a 12-month high of $222.97. The firm’s fifty day moving average is $212.61 and its 200 day moving average is $190.86.

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.