Garmin (NYSE:GRMN) Price Target Raised to $370.00

Key Points

• Tigress Financial raised Garmin’s price target to $370 from $325 and maintained a “strong-buy” rating, implying 22.55% upside from the previous close.
• Garmin reported quarterly EPS of $2.81, beating the $2.30 consensus estimate, while revenue reached $2.02 billion and rose 11.4% year over year. Analysts have a consensus “Moderate Buy” rating and an average price target of $310.17.
• Garmin shares opened at $301.91, near their 52-week high of $309.92, while insiders sold 8,810 shares worth about $2.48 million over the past 90 days.

Garmin (NYSE:GRMN - Get Free Report) had its target price boosted by analysts at Tigress Financial from $325.00 to $370.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the scientific and technical instruments company's stock. Tigress Financial's price objective would suggest a potential upside of 22.55% from the stock's previous close.

A number of other research firms have also commented on GRMN. Morgan Stanley increased their price target on Garmin from $249.00 to $289.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. 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 note on Thursday, July 30th. UBS Group set a $370.00 target price on shares of Garmin in a report on Thursday. Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. Finally, Wall Street Zen cut shares of Garmin from a "buy" rating to a "hold" rating in a report on Saturday, June 20th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $310.17.

Garmin Price Performance

GRMN opened at $301.91 on Thursday. Garmin has a fifty-two week low of $186.67 and a fifty-two week high of $309.92. The firm has a market capitalization of $58.22 billion, a PE ratio of 31.12, a P/E/G ratio of 3.37 and a beta of 0.87. The company's 50-day moving average is $248.28 and its 200 day moving average is $239.86.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The scientific and technical instruments company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.30 by $0.51. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the prior year, the business posted $2.17 earnings per share. The company's quarterly revenue was up 11.4% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS. As a group, analysts expect that Garmin will post 10.1 EPS for the current year.

Insider Activity at Garmin

In related news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the sale, the chief financial officer owned 26,049 shares of the company's stock, valued at approximately $6,197,317.59. The trade was a 7.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 4,029 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total value of $1,208,700.00. Following the transaction, the chief executive officer directly owned 120,127 shares of the company's stock, valued at approximately $36,038,100. This trade represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 8,810 shares of company stock worth $2,478,157 over the last 90 days. Corporate insiders own 14.80% of the company's stock.

Institutional Investors Weigh In On Garmin

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Garmin by 1.8% in the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company's stock worth $1,785,304,000 after purchasing an additional 126,677 shares in the last quarter. Norges Bank bought a new position in Garmin in the 4th quarter worth approximately $395,234,000. Northern Trust Corp grew its stake in Garmin by 3.8% in the 4th quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company's stock valued at $348,836,000 after buying an additional 63,283 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Garmin by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company's stock valued at $378,540,000 after buying an additional 40,474 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its holdings in Garmin by 0.4% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company's stock valued at $296,250,000 after acquiring an additional 5,213 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin's products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin's product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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