Garmin (NYSE:GRMN) Stock Price Expected to Rise, Tigress Financial Analyst Says

Key Points

• Tigress Financial raised its Garmin price target from $320 to $325 and kept a strong-buy rating, implying about 39% upside from the previous close.
• Garmin reported better-than-expected Q1 earnings, with EPS of $2.08 versus the $1.84 estimate and revenue of $1.75 billion versus $1.72 billion expected; revenue also rose 14% year over year.
• Analyst views remain mixed overall, with Garmin carrying a Moderate Buy consensus and a consensus price target of $269.40, while recent insider sales and heavy institutional ownership were also noted.

Garmin (NYSE:GRMN - Get Free Report) had its price target raised by analysts at Tigress Financial from $320.00 to $325.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the scientific and technical instruments company's stock. Tigress Financial's price objective indicates a potential upside of 39.06% from the company's previous close.

Several other research analysts also recently weighed in on GRMN. Zacks Research downgraded Garmin from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. Barclays lowered their target price on Garmin from $240.00 to $238.00 and set an "equal weight" rating for the company in a research report on Thursday, April 30th. Morgan Stanley set a $249.00 target price on Garmin in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.40.

Garmin Price Performance

NYSE GRMN traded up $5.03 during trading hours on Wednesday, hitting $233.72. The company's stock had a trading volume of 383,954 shares, compared to its average volume of 902,493. Garmin has a 12 month low of $186.67 and a 12 month high of $273.32. The company's 50 day simple moving average is $244.27 and its two-hundred day simple moving average is $222.15. The company has a market cap of $45.07 billion, a P/E ratio of 26.05, a price-to-earnings-growth ratio of 2.67 and a beta of 0.94.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.24. The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The business's quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, research analysts predict that Garmin will post 9.57 earnings per share for the current fiscal year.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 3,487 shares of Garmin stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $251.66, for a total value of $877,538.42. Following the transaction, the chief financial officer owned 28,049 shares in the company, valued at $7,058,811.34. The trade was a 11.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Desbois sold 6,694 shares of Garmin stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $251.65, for a total value of $1,684,545.10. Following the completion of the transaction, the chief operating officer owned 58,540 shares in the company, valued at $14,731,591. This trade represents a 10.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 40,246 shares of company stock valued at $10,110,041. Company insiders own 19.54% of the company's stock.

Institutional Investors Weigh In On Garmin

Several institutional investors have recently added to or reduced their stakes in the business. Reflection Asset Management acquired a new position in Garmin in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Garmin in the fourth quarter valued at approximately $34,000. Archer Investment Corp purchased a new stake in shares of Garmin in the first quarter valued at approximately $37,000. Cornerstone Planning Group LLC increased its position in shares of Garmin by 788.9% in the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company's stock valued at $39,000 after buying an additional 142 shares in the last quarter. Finally, GraniteShares Advisors LLC purchased a new stake in shares of Garmin in the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 81.60% of the company's stock.

About Garmin

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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