Analysts Set Garmin Ltd. (NYSE:GRMN) Target Price at $171.00

Garmin Ltd. (NYSE:GRMN) has been given an average rating of “Reduce” by the six research firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $171.00.

A number of analysts have commented on GRMN shares. Barclays lifted their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Tigress Financial lifted their target price on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $155.00 to $138.00 in a research report on Monday, October 7th.

Insider Activity at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GRMN. Golden State Wealth Management LLC acquired a new position in Garmin in the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Garmin in the 4th quarter worth $29,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Garmin in the 2nd quarter worth $31,000. Larson Financial Group LLC increased its stake in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 162 shares during the last quarter. Finally, SOA Wealth Advisors LLC. acquired a new stake in shares of Garmin in the 4th quarter worth $37,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Performance

NYSE:GRMN opened at $214.38 on Monday. The firm has a market cap of $41.17 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.31 and a beta of 0.98. The business’s fifty day moving average is $212.17 and its 200 day moving average is $190.07. Garmin has a 52-week low of $119.15 and a 52-week high of $222.97.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the business posted $1.41 EPS. Garmin’s quarterly revenue was up 24.1% compared to the same quarter last year. Equities analysts predict that Garmin will post 7.01 EPS for the current fiscal 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.