Tigress Financial Forecasts Strong Price Appreciation for Garmin (NYSE:GRMN) Stock

Garmin (NYSE:GRMN) had its price target lifted by research analysts at Tigress Financial from $265.00 to $285.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “strong-buy” rating on the scientific and technical instruments company’s stock. Tigress Financial’s price objective suggests a potential upside of 27.24% from the stock’s current price.

GRMN has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Morgan Stanley upgraded Garmin to a “sell” rating and lifted their target price for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Finally, Barclays upped their price target on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $210.80.

Garmin Stock Performance

Garmin stock opened at $223.98 on Wednesday. Garmin has a one year low of $134.11 and a one year high of $246.50. The stock has a fifty day moving average of $214.66 and a 200 day moving average of $197.16. The stock has a market cap of $43.09 billion, a PE ratio of 30.64, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the firm earned $1.72 EPS. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, sell-side analysts predict that Garmin will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In related news, COO Patrick Desbois sold 6,911 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the completion of the sale, the chief operating officer now owns 63,048 shares in the company, valued at approximately $14,321,353.20. This trade represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 7,202 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the transaction, the chief executive officer now directly owns 149,525 shares in the company, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,874 shares of company stock valued at $3,571,966 over the last ninety days. 19.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Garmin

Hedge funds have recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in Garmin during the fourth quarter valued at $26,000. Aster Capital Management DIFC Ltd grew its position in shares of Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin during the fourth quarter valued at $29,000. Larson Financial Group LLC raised its holdings in shares of Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 162 shares in the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new stake in Garmin in the fourth quarter worth about $37,000. 81.60% of the stock is currently owned by hedge funds and other 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.