Garmin (NYSE:GRMN) Price Target Raised to $215.00

Garmin (NYSE:GRMN) had its price target lifted by Tigress Financial from $210.00 to $215.00 in a research report released on Thursday morning, Benzinga reports. Tigress Financial currently has a strong-buy rating on the scientific and technical instruments company’s stock.

Several other equities analysts also recently commented on the company. Bank of America downgraded Garmin from a neutral rating to an underperform rating and cut their target price for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Barclays downgraded Garmin from an equal weight rating to an underweight rating and cut their target price for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, StockNews.com downgraded Garmin from a buy rating to a hold rating in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $152.17.

Garmin Trading Down 0.4 %

Shares of GRMN stock opened at $171.00 on Thursday. The stock has a 50 day moving average of $174.48 and a two-hundred day moving average of $162.47. Garmin has a 12 month low of $99.61 and a 12 month high of $184.42. The company has a market capitalization of $32.85 billion, a P/E ratio of 24.12, a P/E/G ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the company earned $1.45 EPS. The company’s quarterly revenue was up 14.3% on a year-over-year basis. Sell-side analysts predict that Garmin will post 6.05 earnings per share for the current fiscal year.

Insider Activity at Garmin

In related news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock valued at $2,296,174 in the last three months. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Clearstead Trust LLC bought a new position in shares of Garmin in the 1st quarter worth $30,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Garmin in the 2nd quarter worth $31,000. Frazier Financial Advisors LLC bought a new position in shares of Garmin in the 4th quarter worth $33,000. Family Firm Inc. bought a new position in shares of Garmin in the 2nd quarter worth $35,000. Finally, Benjamin Edwards Inc. boosted its position in shares of Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

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.