Clifton A. Pemble, President and CEO of Garmin Ltd . (NASDAQ:NYSE:GRMN), has recently executed several transactions involving the company's stock. According to a Form 4 filing with the Securities and Exchange Commission, Pemble sold a total of 10,162 shares on December 16, 2024. The transaction comes as Garmin demonstrates strong market performance, with the stock up nearly 70% year-to-date according to InvestingPro data. These sales were made at prices ranging from $216.02 to $220.22 per share, resulting in total proceeds of approximately $2.2 million.
In addition to these sales, Pemble acquired 13,821 restricted stock units on December 15, 2024, which will vest in three equal annual installments starting in December 2025. This acquisition did not involve any cash transaction as the units were granted as part of a compensation package. Following these transactions, Pemble holds 138,061 shares directly, with an additional 255 shares held indirectly by a child. For deeper insights into Garmin's valuation and financial metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks.
In other recent news, Garmin Ltd. showcased robust financial performance, posting a record-breaking 24% increase in consolidated revenue to $1.59 billion for the third quarter of 2024. The company also raised its full-year guidance to approximately $6.12 billion in revenue and a pro forma EPS of $6.85. Garmin's strong performance was underpinned by growth across all business segments, including a 31% surge in Fitness segment revenues and a 21% increase in Outdoor segment revenues.
Garmin's strategic acquisitions, such as JL Audio and Lumishore, have also contributed to its growth, enhancing product offerings and integration capabilities. Analyst firms have responded to Garmin's recent developments, with Tigress Financial Partners maintaining a Strong Buy rating and increasing its price target to $265. In contrast, BofA Securities maintained its Underperform rating, albeit increasing the price target to $185.
JPMorgan also adjusted its price target for Garmin from $178 to $212 while maintaining a neutral rating. These adjustments are based on Garmin's recent earnings beat and updated full-year guidance. It's noteworthy that these are recent developments that reflect Garmin's strong financial performance and continued innovation.
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