Garmin (NYSE:GRMN) Price Target Raised to $166.00 at Barclays

Garmin (NYSE:GRMN) had its price target increased by stock analysts at Barclays from $140.00 to $166.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the scientific and technical instruments company’s stock. Barclays‘s target price would indicate a potential upside of 0.85% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Tigress Financial reiterated a “strong-buy” rating and set a $175.00 price target (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Bank of America increased their price target on shares of Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. increased their price target on shares of Garmin from $139.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, April 23rd. Finally, Barrington Research increased their price target on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $150.17.

Garmin Price Performance

Garmin stock traded up $1.18 during trading hours on Thursday, hitting $164.60. The company had a trading volume of 280,255 shares, compared to its average volume of 949,450. The firm has a market cap of $31.62 billion, a PE ratio of 24.34, a PEG ratio of 4.74 and a beta of 0.99. Garmin has a one year low of $96.04 and a one year high of $165.50. The firm has a 50-day moving average of $144.00 and a 200 day moving average of $128.62.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.40 by $0.32. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the firm earned $1.35 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, research analysts expect that Garmin will post 5.45 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock valued at $14,166,944 over the last quarter. Insiders own 19.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GRMN. Robeco Institutional Asset Management B.V. grew its holdings in shares of Garmin by 125.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 23,999 shares of the scientific and technical instruments company’s stock valued at $2,525,000 after buying an additional 13,350 shares during the last quarter. Xponance Inc. grew its holdings in shares of Garmin by 2.6% during the third quarter. Xponance Inc. now owns 21,290 shares of the scientific and technical instruments company’s stock valued at $2,240,000 after buying an additional 546 shares during the last quarter. Dakota Wealth Management boosted its holdings in Garmin by 20.3% during the third quarter. Dakota Wealth Management now owns 8,965 shares of the scientific and technical instruments company’s stock worth $943,000 after purchasing an additional 1,510 shares during the last quarter. Independent Advisor Alliance boosted its holdings in Garmin by 5.3% during the third quarter. Independent Advisor Alliance now owns 2,207 shares of the scientific and technical instruments company’s stock worth $232,000 after purchasing an additional 111 shares during the last quarter. Finally, Segment Wealth Management LLC boosted its holdings in Garmin by 2.7% during the third quarter. Segment Wealth Management LLC now owns 101,188 shares of the scientific and technical instruments company’s stock worth $10,645,000 after purchasing an additional 2,690 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors and hedge funds.

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.