Oppenheimer Forecasts Strong Price Appreciation for Trimble (NASDAQ:TRMB) Stock

Trimble (NASDAQ:TRMBGet Free Report) had its price target increased by stock analysts at Oppenheimer from $88.00 to $94.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the scientific and technical instruments company’s stock. Oppenheimer’s target price would indicate a potential upside of 12.21% from the company’s previous close.

A number of other research analysts also recently issued reports on TRMB. JPMorgan Chase & Co. boosted their price target on Trimble from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Piper Sandler restated an “overweight” rating and set a $84.00 price target on shares of Trimble in a report on Thursday, May 8th. Wall Street Zen downgraded Trimble from a “buy” rating to a “hold” rating in a report on Thursday, May 8th. Finally, Raymond James Financial restated an “outperform” rating and set a $93.00 price target (up previously from $85.00) on shares of Trimble in a report on Thursday. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $90.50.

Read Our Latest Analysis on Trimble

Trimble Trading Up 1.5%

NASDAQ TRMB opened at $83.77 on Thursday. Trimble has a 1-year low of $51.03 and a 1-year high of $87.50. 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 stock has a 50-day moving average of $77.93 and a 200-day moving average of $71.55. The firm 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:TRMBGet Free Report) last released its earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. Trimble had a return on equity of 10.24% and a net margin of 8.02%. The company had revenue of $875.70 million during the quarter, compared to analyst estimates of $835.81 million. During the same quarter in the previous year, the company posted $0.62 EPS. Trimble’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts forecast that Trimble will post 2.37 EPS for the current year.

Insider Buying and Selling

In other news, CEO Robert G. Painter sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $78.86, for a total value of $591,450.00. Following the sale, the chief executive officer directly owned 114,879 shares of the company’s stock, valued at $9,059,357.94. The trade was a 6.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jennifer Allison sold 3,156 shares of the business’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total value of $252,480.00. Following the completion of the sale, the vice president directly owned 2,882 shares in the company, valued at approximately $230,560. This represents a 52.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,047 shares of company stock valued at $1,538,152. 0.54% of the stock is owned by company insiders.

Institutional Trading of Trimble

A number of hedge funds have recently made changes to their positions in the stock. Parkside Financial Bank & Trust boosted its position in shares of Trimble by 18.4% in the 2nd 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 in the last quarter. Balboa Wealth Partners lifted its position in Trimble by 4.7% in the 2nd quarter. Balboa Wealth Partners now owns 3,204 shares of the scientific and technical instruments company’s stock valued at $243,000 after acquiring an additional 144 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Trimble by 11.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,515 shares of the scientific and technical instruments company’s stock valued at $115,000 after acquiring an additional 159 shares in the last quarter. MAI Capital Management lifted its position in Trimble by 6.6% in the 1st quarter. MAI Capital Management now owns 2,684 shares of the scientific and technical instruments company’s stock valued at $176,000 after acquiring an additional 165 shares in the last quarter. Finally, Horizon Investments LLC lifted its position in Trimble by 5.6% in the 1st quarter. Horizon Investments LLC now owns 3,528 shares of the scientific and technical instruments company’s stock valued at $232,000 after acquiring an additional 188 shares in the last quarter. 93.21% of the stock is owned by institutional investors.

About Trimble

(Get Free Report)

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.

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