Garmin (NYSE:GRMN) Price Target Raised to $260.00

Garmin (NYSE:GRMN) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $219.00 to $260.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 13.81% from the company’s current price.

A number of other equities analysts have also commented on GRMN. Barclays raised their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Morgan Stanley raised shares of Garmin to a “sell” rating and raised their target price for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Tigress Financial raised their target price on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Garmin presently has an average rating of “Hold” and a consensus price target of $190.67.

Garmin Trading Down 5.6 %

Shares of GRMN stock traded down $13.48 during trading hours on Thursday, reaching $228.45. The stock had a trading volume of 331,818 shares, compared to its average volume of 787,621. The stock’s fifty day simple moving average is $212.99 and its 200 day simple moving average is $194.84. Garmin has a 12 month low of $128.89 and a 12 month high of $246.50. The firm has a market capitalization of $43.87 billion, a PE ratio of 29.16, a PEG ratio of 1.28 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the business earned $1.72 earnings per share. Garmin’s revenue was up 22.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Garmin will post 7.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 19.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GRMN. Golden State Wealth Management LLC purchased a new position in shares of Garmin in the fourth quarter worth $26,000. Aster Capital Management DIFC Ltd increased its stake in shares of Garmin by 864.3% in the fourth 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 during the period. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin in the fourth quarter worth $29,000. SOA Wealth Advisors LLC. purchased a new position in shares of Garmin in the fourth quarter worth $37,000. Finally, Larson Financial Group LLC increased its stake 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 worth $33,000 after buying an additional 162 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

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.