Douglas Boessen Sells 2,485 Shares of Garmin (NYSE:GRMN) Stock

Garmin Ltd. (NYSE:GRMN) CFO Douglas Boessen sold 2,485 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Garmin Stock Up 0.3%

Shares of NYSE:GRMN opened at $202.01 on Friday. Garmin Ltd. has a 12-month low of $169.26 and a 12-month high of $261.69. The company’s 50 day moving average price is $213.58 and its two-hundred day moving average price is $222.19. The firm has a market cap of $38.85 billion, a PE ratio of 24.88, a PEG ratio of 2.28 and a beta of 1.01.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.99. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, research analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Institutional Investors Weigh In On Garmin

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Garmin by 2.5% during the third quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company’s stock worth $4,973,044,000 after buying an additional 499,235 shares during the last quarter. State Street Corp grew its position in Garmin by 1.8% during the 3rd quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock worth $1,785,304,000 after acquiring an additional 126,677 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Garmin by 6.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock worth $1,229,810,000 after acquiring an additional 356,161 shares during the last quarter. Geode Capital Management LLC increased its holdings in Garmin by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,606,511 shares of the scientific and technical instruments company’s stock worth $958,405,000 after purchasing an additional 59,321 shares in the last quarter. Finally, Norges Bank bought a new position in Garmin in the second quarter valued at about $410,304,000. 81.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Tigress Financial raised their target price on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a report on Tuesday, September 30th. Barclays upped their price target on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Finally, Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $241.60.

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.