Garmin (NYSE:GRMN) Hits New 1-Year High on Analyst Upgrade

Key Points

• Garmin's stock reached a new 52-week high after Tigress Financial upgraded its price target from $285.00 to $305.00, currently holding a strong-buy rating on the stock.
• Insider selling occurred, with Cheng-Wei Wang selling over 10,000 shares, decreasing their position by 22.04%, while CFO Douglas G. Boessen also sold a portion of their shares.
• Garmin's recent earnings report showed stronger-than-expected results, with $2.17 earnings per share surpassing estimates and a year-over-year revenue increase of 20.4% to $1.81 billion.

Shares of Garmin Ltd. (NYSE:GRMN - Get Free Report) reached a new 52-week high during trading on Tuesday after Tigress Financial raised their price target on the stock from $285.00 to $305.00. Tigress Financial currently has a strong-buy rating on the stock. Garmin traded as high as $246.65 and last traded at $246.56, with a volume of 306668 shares. The stock had previously closed at $245.53.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley lifted their target price 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 reissued an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $228.75.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, 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 position. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Garmin

Hedge funds have recently modified their holdings of the stock. Quaker Wealth Management LLC raised its holdings in shares of Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company's stock worth $28,000 after buying an additional 264 shares in the last quarter. Groupe la Francaise acquired a new stake in Garmin during the 1st quarter valued at $33,000. TFC Financial Management Inc. increased its holdings in Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after purchasing an additional 147 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Garmin during the 1st quarter valued at $34,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Garmin during the 1st quarter valued at $38,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Trading Up 0.3%

The stock has a fifty day moving average of $234.25 and a two-hundred day moving average of $213.82. The stock has a market capitalization of $47.39 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 2.63 and a beta of 1.00.

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

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.

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