Trimble (NASDAQ:TRMB) Price Target Raised to $88.00 at Oppenheimer

Trimble (NASDAQ:TRMB) had its price target increased by research analysts at Oppenheimer from $81.00 to $88.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the scientific and technical instruments company’s stock. Oppenheimer’s target price indicates a potential upside of 9.09% from the stock’s current price.

Other analysts have also recently issued reports about the company. Wall Street Zen cut Trimble from a “buy” rating to a “hold” rating in a report on Thursday, May 8th. Piper Sandler reissued an “overweight” rating and issued a $84.00 price target on shares of Trimble in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. raised 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. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $89.14.

Trimble Stock Up 1.5%

Shares of NASDAQ TRMB opened at $80.67 on Thursday. The stock has a market cap of $19.25 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 3.38 and a beta of 1.67. The company has a quick ratio of 0.72, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Trimble has a 52-week low of $48.65 and a 52-week high of $81.66. The business has a 50-day moving average price of $73.62 and a 200 day moving average price of $70.20.

Trimble (NASDAQ:TRMB) last announced its earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Trimble had a return on equity of 9.87% and a net margin of 42.40%. The firm had revenue of $840.60 million during the quarter, compared to analysts’ expectations of $810.45 million. During the same period in the prior year, the firm earned $0.64 EPS. The business’s revenue was down 11.8% on a year-over-year basis. Equities research analysts forecast that Trimble will post 2.37 earnings per share for the current year.

Insiders Place Their Bets

In other Trimble news, Director Kaigham Gabriel sold 6,511 shares of the business’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $71.69, for a total transaction of $466,773.59. Following the transaction, the director owned 17,939 shares in the company, valued at $1,286,046.91. The trade was a 26.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Mark David Schwartz sold 1,404 shares of the business’s stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $80.00, for a total value of $112,320.00. Following the transaction, the vice president owned 21,001 shares in the company, valued at approximately $1,680,080. This represents a 6.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,047 shares of company stock worth $1,538,152 over the last ninety days. Company insiders own 0.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. OneDigital Investment Advisors LLC increased its position in shares of Trimble by 30.1% during the first quarter. OneDigital Investment Advisors LLC now owns 4,077 shares of the scientific and technical instruments company’s stock worth $268,000 after acquiring an additional 943 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Trimble by 5.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 376,368 shares of the scientific and technical instruments company’s stock valued at $26,560,000 after buying an additional 17,785 shares during the last quarter. DAVENPORT & Co LLC increased its holdings in Trimble by 6.0% in the first quarter. DAVENPORT & Co LLC now owns 7,956 shares of the scientific and technical instruments company’s stock valued at $522,000 after buying an additional 452 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Trimble by 7.2% in the first 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 buying an additional 2,397 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Trimble by 32.4% in the fourth 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 buying an additional 5,472 shares during the last quarter. Institutional investors and hedge funds 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.