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Garmin (GRMN) Boosts Fitness Segment With Latest Motion Plates

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Garmin (GRMN - Free Report) unveiled the Tacx NEO Motion Plates for bringing multidirectional movement to Tacx NEO, NEO 2 and NEO 2T smart trainers.

The Tacx NEO plates provide movement flexibility and allow trainers to adopt a natural riding position for effective training.

The latest motion plates offer enhanced training experience to cyclists by providing them a feeling of riding outdoors.

With the recent launch, Garmin is expected to expand its reach to cyclists and trainers. This, in turn, is likely to expand its customer base in the upcoming period.

Further, the recent move has expanded Garmin’s portfolio of fitness offerings, thereby adding strength to its fitness segment.

Garmin Ltd. Price and Consensus

Garmin Ltd. Price and Consensus

Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote

Fitness Segment in Focus

Garmin has been consistently working toward providing advanced training solutions and enhanced experience to runners, cyclists, swimmers and athletes.

Apart from the latest launch, it introduced wireless communication enhancements between Edge cycling computers and SHIMANO Di2 electronic shifting systems to provide a better riding experience to cyclists.

It also 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 smartwatches or cycling computers while working out.

GRMN also launched the Surfline widget, which is compatible with Garmin smartwatches. The Surfline widget helps surfing enthusiasts check conditions related to the tide, wave height, wind and surf quality rating of their nearest surfing locations.

Such initiatives are expected to contribute to GRMN’s fitness segment’s revenues. The segment generated $470.1 million in sales, accounting for 33.8% of the company’s fourth-quarter 2021 total net sales.

Portfolio Strength

With the introduction of the Tacx NEO Motion Plates, Garmin has bolstered its overall portfolio of offerings.

Apart from the recent move, GRMN introduced a portable golf launch monitor, Approach R10, which is designed to help golfers make games better at home, indoors or at the driving range.

The company also launched new products to the Tread series in a bid to provide advanced navigation capabilities to powersport enthusiasts.

Garmin’s brand, Fusion Entertainment, released the MS-RA60 marine stereo and EL Series speaker kit, and the MS-RA210 premium marine stereo and XS Series speaker kit. With the help of the latest stereos and speakers, Garmin aims to provide an enhanced entertainment experience to boaters.

Further, Garmin released its Smart Glide technology free of cost for the G3X Touch and G5 electronic flight instrument in certified aircraft equipped with a GTN Xi series navigator.

Zacks Rank & Stocks to Consider

Currently, Garmin carries a Zacks Rank #3 (Hold).

Investors interested in the broader technology sector can consider stocks like Advanced Micro Devices (AMD - Free Report) , Arrow Electronics (ARW - Free Report) and Analog Devices (ADI - Free Report) . While Advanced Micro Devices and Arrow Electronics sport a Zacks Rank #1 (Strong Buy), Analog Devices carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Advanced Micro Devices has gained 49.5% in the past year. The long-term earnings growth rate for AMD is currently projected at 29.1%.

Arrow Electronics has gained 17.5% in the past year. ARW’s long-term earnings growth rate is currently projected at 3.1%.

Analog Devices has gained 6.2% in the past year. The long-term earnings growth rate for ADI is currently projected at 12.3%.

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