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

Garmin (NYSE:GRMN) had its price target lifted by Tigress Financial from $215.00 to $265.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a strong-buy rating on the scientific and technical instruments company’s stock.

Several other equities research analysts have also weighed in on the stock. Barclays increased their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus target price of $171.00.

Garmin Stock Down 2.2 %

NYSE:GRMN opened at $206.23 on Monday. Garmin has a 12-month low of $119.15 and a 12-month high of $222.97. The stock’s fifty day simple moving average is $198.37 and its 200-day simple moving average is $179.99. The firm has a market capitalization of $39.60 billion, a P/E ratio of 26.17, a P/E/G ratio of 1.46 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.41 earnings per share. As a group, equities research analysts expect that Garmin will post 7.01 earnings per share for the current year.

Insider Activity

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

Several hedge funds have recently made changes to their positions in the business. FMR LLC boosted its holdings in Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after purchasing an additional 1,093,219 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Garmin by 136.7% during the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares during the last quarter. Montrusco Bolton Investments Inc. bought a new position in shares of Garmin in the 3rd quarter valued at about $53,252,000. Renaissance Technologies LLC acquired a new stake in shares of Garmin in the second quarter valued at about $45,999,000. Finally, Marshall Wace LLP raised its holdings in Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after acquiring an additional 278,990 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

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.