Tigress Financial Boosts Garmin (NYSE:GRMN) Price Target to $285.00

Garmin (NYSE:GRMN) had its price target lifted by research analysts at Tigress Financial from $265.00 to $285.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “strong-buy” rating on the scientific and technical instruments company’s stock. Tigress Financial’s price target points to a potential upside of 27.24% from the stock’s current price.

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

Garmin Stock Down 1.3 %

Shares of GRMN opened at $223.98 on Wednesday. The company has a 50 day moving average of $214.66 and a two-hundred day moving average of $197.16. Garmin has a twelve month low of $134.11 and a twelve month high of $246.50. The company has a market cap of $43.09 billion, a price-to-earnings ratio of 30.64, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

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

Insider Activity at Garmin

In other 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 transaction of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Patrick Desbois sold 6,911 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the completion of the sale, the chief operating officer now directly owns 63,048 shares of the company’s stock, valued at approximately $14,321,353.20. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,874 shares of company stock worth $3,571,966. 19.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Garmin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. Citigroup Inc. raised its position in shares of Garmin by 123.2% during the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after purchasing an additional 156,441 shares during the last quarter. Trajan Wealth LLC raised its holdings in shares of Garmin by 9.1% during the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock valued at $14,498,000 after acquiring an additional 6,878 shares during the last quarter. Passumpsic Savings Bank purchased a new position in shares of Garmin in the third quarter valued at approximately $3,137,000. Advisors Asset Management Inc. boosted its stake in shares of Garmin by 24.2% in the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock worth $3,086,000 after acquiring an additional 3,415 shares during the last quarter. Finally, National Pension Service boosted its stake in shares of Garmin by 25.7% in the third quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock worth $50,004,000 after acquiring an additional 58,025 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other 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.