Garmin (NYSE:GRMN) Raised to "Equal Weight" at Morgan Stanley

Key Points

• Morgan Stanley upgrade: The firm raised Garmin from "underweight" to "equal weight" and lifted its price target to $252 (from $195), which implies roughly a 2.45% downside from the stock's current level.
• Quarterly beat and guidance: Garmin reported Q EPS of $2.79 versus $2.39 expected and revenue of $2.12B versus $2.01B, with revenue up 16.6% year‑over‑year and FY2026 guidance set at $9.35 EPS (analysts expect ~9.41).
• Insider selling: Company insiders have sold 40,725 shares worth about $10.21M over the past 90 days (including sales by the CFO and an EVP), though insiders still own 19.54% of the company.

Garmin (NYSE:GRMN - Get Free Report) was upgraded by Morgan Stanley from an "underweight" rating to an "equal weight" rating in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm presently has a $252.00 price objective on the scientific and technical instruments company's stock, up from their prior price objective of $195.00. Morgan Stanley's target price would suggest a potential downside of 2.45% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Barclays set a $240.00 target price on Garmin in a research report on Thursday, February 19th. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Tigress Financial increased their price target on Garmin from $310.00 to $320.00 and gave the stock a "strong-buy" rating in a research report on Friday, February 20th. Zacks Research raised shares of Garmin from a "hold" rating to a "strong-buy" rating in a research note on Monday, February 23rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $269.40.

Garmin Stock Up 0.4%

Shares of GRMN opened at $258.34 on Tuesday. The business has a 50-day simple moving average of $246.26 and a two-hundred day simple moving average of $223.01. Garmin has a 52 week low of $178.74 and a 52 week high of $273.32. The stock has a market cap of $49.83 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 3.10 and a beta of 0.96.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.40. The firm had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.01 billion. Garmin had a return on equity of 19.64% and a net margin of 22.96%.The business's quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.41 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, equities analysts anticipate that Garmin will post 9.41 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 3,487 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $251.66, for a total transaction of $877,538.42. Following the transaction, the chief financial officer directly owned 28,049 shares of the company's stock, valued at $7,058,811.34. This trade represents a 11.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Matthew Munn sold 5,275 shares of the company's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $250.97, for a total transaction of $1,323,866.75. Following the transaction, the executive vice president owned 9,876 shares of the company's stock, valued at approximately $2,478,579.72. This trade represents a 34.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 40,725 shares of company stock worth $10,213,222 in the last ninety days. Company insiders own 19.54% of the company's stock.

Institutional Investors Weigh In On Garmin

A number of hedge funds have recently modified their holdings of GRMN. Penserra Capital Management LLC boosted its stake in Garmin by 43.4% during the third quarter. Penserra Capital Management LLC now owns 22,496 shares of the scientific and technical instruments company's stock worth $5,538,000 after buying an additional 6,806 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Garmin by 25.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,584 shares of the scientific and technical instruments company's stock valued at $5,314,000 after purchasing an additional 4,437 shares during the last quarter. Krilogy Financial LLC acquired a new position in Garmin during the third quarter worth $1,519,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Garmin by 4.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 429,030 shares of the scientific and technical instruments company's stock valued at $105,636,000 after buying an additional 19,360 shares during the period. Finally, ARK Investment Management LLC grew its position in shares of Garmin by 10.9% during the third quarter. ARK Investment Management LLC now owns 28,925 shares of the scientific and technical instruments company's stock worth $7,122,000 after buying an additional 2,852 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

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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