Trimble (NASDAQ:TRMB) Shares Gap Up – Here’s Why

Trimble Inc. (NASDAQ:TRMB)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $73.95, but opened at $76.89. Trimble shares last traded at $75.04, with a volume of 284,496 shares.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TRMB. JPMorgan Chase & Co. upgraded Trimble from a “neutral” rating to an “overweight” rating and upped their target price for the company from $74.00 to $92.00 in a research report on Wednesday. StockNews.com lowered shares of Trimble from a “buy” rating to a “hold” rating in a report on Tuesday. Piper Sandler lifted their price objective on Trimble from $73.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Oppenheimer restated an “outperform” rating and issued a $72.00 target price on shares of Trimble in a research note on Wednesday, August 7th. Finally, Robert W. Baird lifted their price target on Trimble from $66.00 to $82.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Trimble currently has an average rating of “Moderate Buy” and a consensus price target of $79.00.

Trimble Stock Up 1.4 %

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.07 and a current ratio of 1.16. The business’s 50 day moving average is $65.65 and its 200-day moving average is $59.15. The stock has a market cap of $18.31 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 3.13 and a beta of 1.53.

Institutional Investors Weigh In On Trimble

Several large investors have recently bought and sold shares of TRMB. GPS Wealth Strategies Group LLC lifted its holdings in Trimble by 303.2% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 637 shares of the scientific and technical instruments company’s stock valued at $36,000 after purchasing an additional 479 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Trimble by 96.0% in the second quarter. Blue Trust Inc. now owns 639 shares of the scientific and technical instruments company’s stock valued at $36,000 after buying an additional 313 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Trimble by 722.2% in the third quarter. TD Private Client Wealth LLC now owns 592 shares of the scientific and technical instruments company’s stock valued at $37,000 after purchasing an additional 520 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in Trimble in the second quarter valued at $48,000. Finally, Catalyst Capital Advisors LLC purchased a new position in Trimble in the third quarter worth approximately $49,000. 93.21% of the stock is currently owned by hedge funds and other 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.