Garmin Stock: Is GRMN Underperforming the Technology Sector?

Garmin Stock: Is GRMN Underperforming the Technology Sector?

Mon, September 14, 2026 at 3:49 PM GMT+3 2 min read

• GRMN -0.50%

Schaffhausen, Switzerland-based Garmin Ltd. (GRMN) designs, develops, manufactures, markets, and distributes a range of wireless devices. Valued at $54.5 billion by market cap, the company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products serving automotive, aviation, marine, outdoor, and fitness markets.

Companies worth $10 billion or more are generally described as "large-cap stocks," and GRMN fits right into that category with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the scientific & technical instruments industry. GRMN's vertical integration is a key strength, giving it control over manufacturing, enabling rapid prototyping, cost efficiencies, and faster time-to-market. Its global facilities are ISO 9001 / IATF 16949 certified, ensuring quality and reliability, while sustained R&D drives innovation from solar charging in wearables to sailing features in marine and domain controllers in Auto OEM, supporting a diversified portfolio and competitive edge.

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Despite its notable strength, GRMN slipped 10.1% from its 52-week high of $314.28, achieved on Aug. 10. Over the past three months, GRMN stock gained 18.5%, outperforming the State Street Technology Select Sector SPDR ETF's (XLK) 2.4% gains during the same time frame.

Shares of GRMN rose 39.4% on a YTD basis, outperforming XLK's YTD gains of 30.4%. However, in the longer term, the stock climbed 17.2% over the past 52 weeks, underperforming XLK's 38.5% returns over the last year.

To confirm the bullish trend, GRMN has been trading above its 200-day moving average since mid-February, with slight fluctuations. The stock has been trading above its 50-day moving average since early July, with slight fluctuations.

Despite strong fundamental performance across core segments like Fitness and Aviation, GRMN faced periods of relative market underperformance due to macroeconomic headwinds and elevated investor expectations. Broader consumer discretionary spending pressure weighed on high-end hardware demand, while rising component costs particularly in memory chips and potential supply chain expenses pressured margins, dampening investor momentum during periodic sell-offs.

On Jul. 29, GRMN shares jumped 16.2% after reporting its Q2 results. Its adjusted EPS of $2.81 beat Wall Street expectations of $2.27. The company's revenue was $2 billion, exceeding Wall Street forecasts of $1.9 billion. GRMN expects full-year adjusted EPS to be $10, and revenue is expected to be $8.1 billion.

In the competitive arena of scientific & technical instruments, Hexagon AB (publ) (HXGBY) has lagged behind GRMN, with a 17.5% downtick over the past 52 weeks and 17.9% losses on a YTD basis.

Wall Street analysts are reasonably bullish on GRMN's prospects. The stock has a consensus "Moderate Buy" rating from the eight analysts covering it, and the mean price target of $292.57 suggests a potential upside of 3.5% from current price levels.

On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com