Garmin (NYSE:GRMN) Given New $188.00 Price Target at Barclays

Garmin (NYSE:GRMN) had its price target boosted by analysts at Barclays from $158.00 to $188.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the scientific and technical instruments company’s stock. Barclays‘s target price suggests a potential downside of 17.34% from the stock’s current price.

GRMN has been the topic of several other research reports. Morgan Stanley raised Garmin to a “sell” rating and raised their price objective for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Tigress Financial lifted their price target on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. lifted their price target on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $195.67.

Garmin Price Performance

Shares of GRMN stock traded down $14.50 during trading hours on Thursday, reaching $227.43. The company had a trading volume of 794,724 shares, compared to its average volume of 804,999. The company has a 50 day moving average of $212.99 and a 200 day moving average of $194.84. The firm has a market cap of $43.67 billion, a price-to-earnings ratio of 28.86, a P/E/G ratio of 1.28 and a beta of 0.98. Garmin has a 1-year low of $128.89 and a 1-year high of $246.50.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm’s revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.72 EPS. As a group, sell-side analysts forecast that Garmin will post 7.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of Garmin 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 completion of the transaction, the chief financial officer now owns 27,612 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. 19.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Garmin

Institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning grew its position in shares of Garmin by 3.7% in the third quarter. Creative Planning now owns 34,736 shares of the scientific and technical instruments company’s stock valued at $6,115,000 after purchasing an additional 1,244 shares during the last quarter. Blue Trust Inc. grew its position in shares of Garmin by 111.7% in the third quarter. Blue Trust Inc. now owns 1,319 shares of the scientific and technical instruments company’s stock valued at $215,000 after purchasing an additional 696 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Garmin by 172.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 48,351 shares of the scientific and technical instruments company’s stock valued at $8,511,000 after buying an additional 30,598 shares during the period. Eastern Bank bought a new stake in shares of Garmin in the third quarter valued at approximately $176,000. Finally, Private Advisor Group LLC boosted its stake in shares of Garmin by 2.0% in the third quarter. Private Advisor Group LLC now owns 4,314 shares of the scientific and technical instruments company’s stock valued at $759,000 after buying an additional 83 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

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.