Garmin (GRMN) Gets a Hold Rating from Needham

Needham analyst Richard Valera maintained a Hold rating on Garmin (GRMNResearch Report) today. The company’s shares closed last Wednesday at $98.02.

According to, Valera is a 5-star analyst with an average return of 16.2% and a 62.9% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Garmin with a $103.00 average price target.

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Based on Garmin’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $870 million and net profit of $184 million. In comparison, last year the company earned revenue of $955 million and had a net profit of $224 million.

Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GRMN in relation to earlier this year.

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing. The Outdoor segment offers products designed for use in outdoor activities such as Outdoor Handhelds, Adventure Watches, Golf Devices, Dog Tracking & Training Device, Garmin Connect & Garmin Connect Mobile and Connect IQ. The Fitness segment involves in products designed for use in fitness and activity tracking such as Running & Multi-Sport Watches, Cycling Computers, Power Mete, Safety & Awareness and Activity Tracking Devices. The Auto segment offers products designed for use in the auto market such as Personal Navigation Devices, Original Equipment Manufacturer (OEM) Solutions and Cameras. The Aviation segment provides solutions to aircraft manufacturers, existing aircraft owners and operators, as well as government/defense customers. The company was founded in 1989 and is headquartered in Schaffhausen, Switzerland.