Trimble (NASDAQ:TRMB) Price Target Raised to $94.00

Trimble (NASDAQ:TRMB) had its target price boosted by Oppenheimer from $88.00 to $94.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the scientific and technical instruments company’s stock.

Several other brokerages also recently issued reports on TRMB. Piper Sandler reaffirmed an “overweight” rating and issued a $84.00 price objective on shares of Trimble in a research report on Thursday, May 8th. Wall Street Zen downgraded shares of Trimble from a “buy” rating to a “hold” rating in a research report on Thursday, May 8th. Raymond James Financial reaffirmed an “outperform” rating and issued a $93.00 price objective (up previously from $85.00) on shares of Trimble in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Trimble from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Eight equities research analysts have rated the stock with a buy rating and one has assigned 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 Stock Up 1.5%

TRMB opened at $83.77 on Thursday. The firm has a 50 day moving average price of $77.93 and a 200 day moving average price of $71.50. The company has a market cap of $19.93 billion, a PE ratio of 72.22, a price-to-earnings-growth ratio of 3.57 and a beta of 1.69. Trimble has a 1 year low of $51.03 and a 1 year high of $87.50. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.72 and a current ratio of 0.94.

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

Insiders Place Their Bets

In other news, Director Kaigham Gabriel sold 6,511 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $71.69, for a total transaction of $466,773.59. Following the completion of the transaction, the director directly owned 17,939 shares in the company, valued at approximately $1,286,046.91. This represents a 26.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Mark David Schwartz sold 1,476 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $78.00, for a total value of $115,128.00. Following the transaction, the vice president owned 22,405 shares of the company’s stock, valued at approximately $1,747,590. This trade represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,047 shares of company stock valued at $1,538,152. Corporate insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Trimble

Several large investors have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its stake in Trimble by 18.4% during the second quarter. Parkside Financial Bank & Trust now owns 907 shares of the scientific and technical instruments company’s stock worth $69,000 after purchasing an additional 141 shares during the last quarter. Balboa Wealth Partners lifted its stake in Trimble by 4.7% during the second quarter. Balboa Wealth Partners now owns 3,204 shares of the scientific and technical instruments company’s stock worth $243,000 after purchasing an additional 144 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in Trimble by 11.7% during the second quarter. First Horizon Advisors Inc. now owns 1,515 shares of the scientific and technical instruments company’s stock worth $115,000 after purchasing an additional 159 shares during the last quarter. MAI Capital Management lifted its stake in Trimble by 6.6% during the first quarter. MAI Capital Management now owns 2,684 shares of the scientific and technical instruments company’s stock worth $176,000 after purchasing an additional 165 shares during the last quarter. Finally, Horizon Investments LLC lifted its stake in Trimble by 5.6% during the first quarter. Horizon Investments LLC now owns 3,528 shares of the scientific and technical instruments company’s stock worth $232,000 after purchasing an additional 188 shares during the last quarter. 93.21% of the stock is currently owned by institutional investors.

Trimble Company Profile

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.