Garmin (NYSE:GRMN) Given New $305.00 Price Target at Tigress Financial

Key Points

• Garmin's price target has been raised by Tigress Financial from $285 to $305, indicating a potential upside of nearly 25% from its current trading price.
• Several other analysts have mixed ratings on Garmin, with price targets ranging from $167 to $250, leading to a consensus rating of "Hold" and an average price target of $228.75.
• Garmin reported $1.81 billion in revenue for the most recent quarter, significantly surpassing the consensus estimate, and posted an earnings per share of $2.17, beating expectations by $0.27.

Garmin (NYSE:GRMN - Get Free Report) had its price target boosted by equities researchers at Tigress Financial from $285.00 to $305.00 in a research note issued on Tuesday, MarketBeat Ratings reports. The firm currently has a "strong-buy" rating on the scientific and technical instruments company's stock. Tigress Financial's target price would indicate a potential upside of 24.98% from the stock's current price.

Several other equities analysts have also commented on GRMN. Morgan Stanley upped their price target on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research report on Friday, September 19th. Barclays reiterated an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Garmin presently has a consensus rating of "Hold" and an average price target of $228.75.

Garmin Price Performance

Shares of Garmin stock traded down $1.49 during trading hours on Tuesday, hitting $244.04. The company had a trading volume of 74,238 shares, compared to its average volume of 923,994. The company has a market cap of $46.98 billion, a P/E ratio of 30.08, a price-to-earnings-growth ratio of 2.63 and a beta of 1.00. The company's 50-day moving average is $234.25 and its two-hundred day moving average is $213.82. Garmin has a twelve month low of $160.94 and a twelve month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the firm posted $1.58 EPS. The firm's revenue for the quarter was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts expect that Garmin will post 7.8 EPS for the current year.

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

Institutional Trading of Garmin

A number of large investors have recently modified their holdings of GRMN. Quaker Wealth Management LLC grew its position in Garmin by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company's stock worth $28,000 after purchasing an additional 264 shares during the period. Groupe la Francaise purchased a new position in Garmin in the first quarter valued at about $33,000. TFC Financial Management Inc. boosted its position in Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after acquiring an additional 147 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of Garmin in the 1st quarter valued at $34,000. Finally, Zions Bancorporation National Association UT purchased a new stake in Garmin during the 1st quarter worth $38,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

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.

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