Patrick Desbois Sells 3,678 Shares of Garmin (NYSE:GRMN) Stock

Garmin Ltd. (NYSE:GRMN) COO Patrick Desbois sold 3,678 shares of Garmin stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total value of $773,851.20. Following the completion of the sale, the chief operating officer directly owned 61,798 shares of the company’s stock, valued at approximately $13,002,299.20. This trade represents a 5.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Garmin Stock Down 0.5%

NYSE GRMN opened at $212.33 on Friday. The company has a market cap of $40.84 billion, a PE ratio of 26.15, a price-to-earnings-growth ratio of 2.24 and a beta of 1.00. Garmin Ltd. has a 52 week low of $169.26 and a 52 week high of $261.69. The firm’s 50-day simple moving average is $201.61 and its two-hundred day simple moving average is $222.53.

Garmin (NYSE:GRMN) last posted 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 company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, equities research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on GRMN shares. Barclays boosted their price objective on Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Finally, Morgan Stanley increased their target price on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus price target of $242.60.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in 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 valued at $4,973,044,000 after purchasing an additional 499,235 shares during the last quarter. State Street Corp raised its position in shares of 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 valued at $1,785,304,000 after buying an additional 126,677 shares in the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of 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 grew its position in Garmin by 1.3% in the second 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 acquiring an additional 59,321 shares in the last quarter. Finally, Norges Bank bought a new position in Garmin in the second quarter valued at $410,304,000. 81.60% of the stock is currently owned by institutional investors.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.