Garmin (NYSE:GRMN) Price Target Raised to $285.00

Garmin (NYSE:GRMN) had its price objective upped by research analysts at Tigress Financial from $265.00 to $285.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “strong-buy” rating on the scientific and technical instruments company’s stock. Tigress Financial’s target price points to a potential upside of 25.89% from the stock’s previous close.

A number of other equities analysts also recently issued reports on GRMN. JPMorgan Chase & Co. increased their price target on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Morgan Stanley raised Garmin to a “sell” rating and raised their price objective for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Finally, Barclays upped their price target on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Garmin presently has an average rating of “Hold” and an average price target of $210.80.

Garmin Stock Performance

NYSE GRMN traded up $0.35 during trading on Wednesday, hitting $226.39. The stock had a trading volume of 773,212 shares, compared to its average volume of 842,114. The stock has a market capitalization of $43.56 billion, a price-to-earnings ratio of 30.97, a P/E/G ratio of 1.36 and a beta of 0.98. The stock has a 50 day simple moving average of $213.89 and a 200 day simple moving average of $196.76. Garmin has a one year low of $134.01 and a one year high of $246.50.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period last year, the company earned $1.72 earnings per share. On average, sell-side analysts predict that Garmin will post 7.8 EPS for the current year.

Insider Buying and Selling at Garmin

In related news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was 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 represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 19.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of GRMN. Golden State Wealth Management LLC purchased a new stake in shares of Garmin in the 4th quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd raised its position in Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 121 shares during the period. Pinnacle Bancorp Inc. acquired a new position in Garmin during the fourth quarter worth $29,000. Larson Financial Group LLC boosted its position in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares during the period. Finally, SOA Wealth Advisors LLC. acquired a new stake in shares of Garmin in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

About Garmin

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.