Garmin ( GRMN Quick Quote GRMN - Free Report) has been working to strengthen its fitness segment on the back of product launches and adding capabilities to existing offerings.
The company recently introduced wireless communication enhancements between Edge cycling computers and SHIMANO Di2 electronic shifting systems.
Cyclists can see front and rear gear data for gear systems of up to 12 speeds with the SHIMANO Di2 software update. They can also watch the battery life statusfor left and right shifters on Edge cycling computers.
Cyclists can also enjoy an enhanced riding experience by optimizing gear on their cycles and controlling Edge computers with options supporting SHIMANO Di2 DUAL CONTROL LEVERS. This can be done when cyclists export ride data to third-party sites and, thereby, get an analysis of the gear shift data.
With these capabilities, Garmin is expected to expand its reach to cyclists and riders, thereby, expanding its customer base.
Fitness Segment in Focus
Apart from the recent effort, GRMN has been taking strong measures to provide advanced solutions to cycling enthusiasts.
Recently, it introduced the Dexcom Connect IQ apps to help people suffering from Type 1 and Type 2 diabetes. Moreover, customers can use the Dexcom G6 Continuous Glucose Monitor to check their glucose levels and trends on their Garmin smartwatch or cycling computer while working out.
GRMN also launched the Surfline widget, which is compatible with Garmin smartwatches. The Surfline widget will help surfing enthusiasts check conditions related to the tide, wave height, wind and surf quality rating of nearest surfing locations.
Additionally, the company launched a free software update to enhance the navigation capabilities of Edge 530, Edge 830, Edge 1030 and Edge 1030 Plus GPS cycling computers for providing a better experience to cyclists.
All the initiatives are expected to contribute to GRMN’s fitness segment’s revenues. The segment generated $342.3 million in sales, accounting for 28.7% of third-quarter 2021 total net sales.
With the latest effort, Garmin has added strength to its overall portfolio of offerings.
Apart from the recent move, GRMN introduced a portable golf launch monitor, namely Approach R10, which is designed to help golfers make games better at home, indoors or at the driving range.
The company unveiled a six-camera system called Garmin Surround View Camera System in a bid to expand the marine product portfolio.
GRMN also launched an all-new 2021 dashcam series with voice controlling features, automatic video storage and Live View monitoring options for drivers to record any incident occurring in front of their vehicles.
Further, Garmin introduced TXi- engine indication system support for twin-turboprop aircraft like Cessna 425, the King Air 90 series, and select Pratt & Whitney PT6A turboprop-powered Piper Cheyenne I and II.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Investors interested in the broader technology sector can consider better-ranked stocks like
Advanced Micro Devices ( AMD Quick Quote AMD - Free Report) , Mimecast Limited and Arrow Electronics ( ARW Quick Quote ARW - Free Report) . While Arrow currently sports a Zacks Rank #1 (Strong Buy), Advanced Micro Devices and Mimecast carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here .
Advanced Micro Devices has gained 64.3% on a year-to-date basis. The long-term earnings growth rate for the AMD stock is currently projected at 46.2%.
Mimecast has gained 37.8% on a year-to-date basis. The long-term earnings growth rate for the MIME stock is currently projected at 35%.
Arrow Electronics has gained 26.2% on a year-to-date basis. The long-term earnings growth rate for the ARW stock is currently projected at 27.4%.