Wall Street Zen Upgrades Trimble (NASDAQ:TRMB) to “Buy”

Trimble (NASDAQ:TRMB) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

TRMB has been the topic of a number of other research reports. Raymond James Financial reaffirmed an “outperform” rating and set a $93.00 price objective (up previously from $85.00) on shares of Trimble in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on shares of Trimble from $95.00 to $96.00 and gave the stock an “overweight” rating in a research note on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $84.00 price objective on shares of Trimble in a research note on Thursday, May 8th. Finally, Oppenheimer raised their price objective on shares of Trimble from $88.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $90.50.

Trimble Price Performance

Shares of NASDAQ:TRMB opened at $83.77 on Friday. Trimble has a twelve month low of $51.03 and a twelve month high of $87.50. The company’s 50 day moving average is $77.93 and its 200 day moving average is $71.55. The company has a current ratio of 0.94, a quick ratio of 0.72 and a debt-to-equity ratio of 0.25. The company has a market cap of $19.93 billion, a PE ratio of 72.22, a price-to-earnings-growth ratio of 3.51 and a beta of 1.69.

Trimble (NASDAQ:TRMB) last issued its quarterly earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.08. Trimble had a net margin of 8.02% and a return on equity of 10.24%. The company had revenue of $875.70 million for the quarter, compared to the consensus estimate of $835.81 million. During the same quarter in the prior year, the company earned $0.62 EPS. Trimble’s quarterly revenue was up .6% on a year-over-year basis. On average, sell-side analysts forecast that Trimble will post 2.37 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert G. Painter sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $78.86, for a total transaction of $591,450.00. Following the transaction, the chief executive officer owned 114,879 shares in the company, valued at $9,059,357.94. This trade represents a 6.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kaigham Gabriel sold 6,511 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $71.69, for a total value of $466,773.59. Following the transaction, the director owned 17,939 shares in the company, valued at $1,286,046.91. This trade represents a 26.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,047 shares of company stock worth $1,538,152. Corporate insiders own 0.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC lifted its holdings in Trimble by 30.1% in the 1st quarter. OneDigital Investment Advisors LLC now owns 4,077 shares of the scientific and technical instruments company’s stock valued at $268,000 after purchasing an additional 943 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in Trimble by 6.0% in the 1st quarter. DAVENPORT & Co LLC now owns 7,956 shares of the scientific and technical instruments company’s stock valued at $522,000 after purchasing an additional 452 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Trimble by 7.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 35,876 shares of the scientific and technical instruments company’s stock valued at $2,355,000 after purchasing an additional 2,397 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Trimble by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 22,360 shares of the scientific and technical instruments company’s stock valued at $1,580,000 after purchasing an additional 5,472 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Trimble by 10.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 42,719 shares of the scientific and technical instruments company’s stock valued at $2,793,000 after purchasing an additional 4,185 shares in the last quarter. Hedge funds and other institutional investors own 93.21% of the company’s stock.

About Trimble

Trimble Inc provides technology solutions that enable professionals and field mobile workers to enhance or transform their work processes worldwide. The company's Buildings and Infrastructure segment offers field and office software for project design and visualization; systems to guide and control construction equipment; software for 3D design and data sharing; systems to monitor, track, and manage assets, equipment, and workers; software to share and communicate data; program management solutions for construction owners; 3D conceptual design and modeling software; building information modeling software; enterprise resource planning, project management, and project collaboration solutions; integrated site layout and measurement systems; cost estimating, scheduling, and project controls solutions; and applications for sub-contractors and trades.