Garmin (NYSE:GRMN) Stock Picked Up by Analysts at Arete Research

Key Points

• Arete Research initiated coverage of Garmin with a “buy” rating and a $335 price target, implying approximately 21% upside from the stock’s current price.
• Garmin’s latest quarterly results exceeded expectations, with EPS of $2.81 versus the $2.30 consensus and revenue of $2.02 billion, up 11.4% year over year.
• Analyst sentiment is broadly positive, with Garmin carrying a “Moderate Buy” consensus rating and an average price target of $313.71, although insiders have sold roughly $4.8 million of shares over the past three months.

Analysts at Arete Research began coverage on shares of Garmin (NYSE:GRMN - Get Free Report) in a research note issued on Wednesday, Briefing.com reports. The brokerage set a "buy" rating and a $335.00 price target on the scientific and technical instruments company's stock. Arete Research's target price would suggest a potential upside of 21.01% from the stock's current price.

GRMN has been the subject of several other reports. Morgan Stanley upped their price target on Garmin from $249.00 to $289.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research report on Friday, September 4th. Tigress Financial reiterated a "strong-buy" rating on shares of Garmin in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of Garmin from a "buy" rating to a "hold" rating in a report on Saturday, June 20th. Finally, Barclays upped their target price on shares of Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Garmin presently has an average rating of "Moderate Buy" and an average target price of $313.71.

Garmin Stock Up 3.8%

Shares of Garmin stock opened at $276.84 on Wednesday. The company has a market capitalization of $53.39 billion, a price-to-earnings ratio of 28.54, a PEG ratio of 2.98 and a beta of 0.82. The stock's 50-day simple moving average is $287.15 and its 200-day simple moving average is $260.34. Garmin has a 52 week low of $186.67 and a 52 week high of $314.28.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.51. The firm had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%. The firm's revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $2.17 earnings per share. On average, equities analysts expect that Garmin will post 10.08 earnings per share for the current year.

Insider Transactions at Garmin

In other news, VP Joshua Maxfield sold 1,152 shares of Garmin stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the sale, the vice president directly owned 15,042 shares of the company's stock, valued at approximately $4,379,177.46. The trade was a 7.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sean Biddlecombe sold 986 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $292.88, for a total value of $288,779.68. Following the completion of the sale, the director owned 6,021 shares in the company, valued at $1,763,430.48. This represents a 14.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 16,108 shares of company stock worth $4,808,799. 14.80% of the stock is currently owned by company insiders.

Institutional Trading of Garmin

Large investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC lifted its position in Garmin by 336.4% during the third quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company's stock valued at $28,000 after purchasing an additional 74 shares during the last quarter. Groupe la Francaise grew its stake in shares of Garmin by 346.4% in the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company's stock worth $29,000 after buying an additional 97 shares in the last quarter. Reflection Asset Management bought a new stake in shares of Garmin in the 4th quarter worth about $32,000. CoreCap Advisors LLC increased its holdings in shares of Garmin by 216.2% in the 3rd quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company's stock worth $34,000 after buying an additional 80 shares during the last quarter. Finally, Archer Investment Corp purchased a new stake in shares of Garmin during the 1st quarter valued at about $37,000. Institutional investors own 81.60% of the company's stock.

Garmin Company Profile

Garmin Ltd. is a technology company that develops products using global positioning system (GPS), satellite communications and other location-based technologies. The company serves consumers, businesses and professional users through product lines focused on fitness, outdoor recreation, aviation, marine and automotive applications.

Its offerings include smartwatches and fitness trackers, cycling computers, navigation devices, satellite communicators, outdoor handhelds, marine chartplotters and sonar systems, and aviation navigation and communication equipment.

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