Garmin (NYSE:GRMN) Price Target Raised to $265.00

Garmin (NYSE:GRMN) had its target price upped by Tigress Financial from $215.00 to $265.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a strong-buy rating on the scientific and technical instruments company’s stock.

Other equities analysts have also recently issued research reports about the stock. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays raised their price target on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Finally, Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus target price of $171.00.

Garmin Stock Performance

Shares of GRMN opened at $206.23 on Monday. The company has a 50-day simple moving average of $198.37 and a 200-day simple moving average of $179.99. Garmin has a 52 week low of $119.15 and a 52 week high of $222.97. The firm has a market capitalization of $39.60 billion, a P/E ratio of 26.17, a P/E/G ratio of 1.46 and a beta of 0.97.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 EPS. As a group, equities analysts forecast that Garmin will post 7.01 earnings per share for the current year.

Insider Transactions at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now owns 6,147 shares in the company, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 19.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Garmin

Institutional investors have recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Garmin in the second quarter valued at approximately $31,000. Larson Financial Group LLC increased its stake in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 162 shares during the period. Family Firm Inc. bought a new stake in shares of Garmin during the second quarter worth $35,000. Benjamin Edwards Inc. raised its position in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Garmin during the third quarter valued at $39,000. 81.60% of the stock is owned by institutional investors.

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.