Trimble Inc. (NASDAQ:TRMB) Sees Large Growth in Short Interest

Key Points

• Trimble Inc. experienced a **33.9% increase** in short interest during July, totaling **6,950,000 shares** as of July 31st, with about **2.9%** of its stock sold short.
• The company reported **earnings per share** of **$0.71** for its last quarter, beating estimates of **$0.63**, and achieved revenue of **$875.70 million**, surpassing consensus expectations of **$835.81 million**.
• Wall Street analysts have upgraded Trimble's stock ratings, with an average target price of **$90.50**, indicating overall optimism for the company's growth potential.

Trimble Inc. (NASDAQ:TRMB - Get Free Report) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totaling 6,950,000 shares, anincreaseof33.9% from the July 15th total of 5,190,000 shares. Based on an average daily trading volume, of 1,580,000 shares, the days-to-cover ratio is currently 4.4 days. Approximately2.9% of the company's stock are sold short. Approximately2.9% of the company's stock are sold short. Based on an average daily trading volume, of 1,580,000 shares, the days-to-cover ratio is currently 4.4 days.

Trimble Stock Performance

Shares of TRMB traded down $1.15 during trading hours on Monday, hitting $81.43. The company had a trading volume of 949,085 shares, compared to its average volume of 1,925,738. The firm has a market cap of $19.38 billion, a price-to-earnings ratio of 70.20, a PEG ratio of 3.39 and a beta of 1.69. The business has a fifty day moving average of $80.20 and a 200-day moving average of $72.01. Trimble has a 12 month low of $52.91 and a 12 month high of $87.50. The company has a quick ratio of 0.81, a current ratio of 0.94 and a debt-to-equity ratio of 0.25.

Trimble (NASDAQ:TRMB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. The company had revenue of $875.70 million for the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $0.62 earnings per share. Equities analysts anticipate that Trimble will post 2.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TRMB. Raymond James Financial reissued 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, August 7th. Wall Street Zen raised shares of Trimble from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Oppenheimer boosted their price objective on shares of Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Piper Sandler reaffirmed an "overweight" rating and set a $84.00 price target on shares of Trimble in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Trimble currently has a consensus rating of "Buy" and an average price target of $90.50.

Insider Buying and Selling at Trimble

In other news, CEO Robert G. Painter sold 115,781 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $82.83, for a total value of $9,590,140.23. Following the sale, the chief executive officer owned 114,879 shares of the company's stock, valued at $9,515,427.57. The trade was a 50.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jennifer Allison sold 3,156 shares of the business's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total transaction 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,383 shares of company stock valued at $18,529,318. 0.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Trimble

Several large investors have recently modified their holdings of TRMB. OneDigital Investment Advisors LLC grew its stake in shares of Trimble by 30.1% in the first quarter. OneDigital Investment Advisors LLC now owns 4,077 shares of the scientific and technical instruments company's stock valued at $268,000 after acquiring an additional 943 shares in the last quarter. DAVENPORT & Co LLC grew its stake in shares of 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 acquiring an additional 452 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of 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 acquiring an additional 2,397 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Trimble by 10.9% in the first 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 acquiring an additional 4,185 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Trimble by 25.1% in the first quarter. GAMMA Investing LLC now owns 5,275 shares of the scientific and technical instruments company's stock valued at $346,000 after acquiring an additional 1,059 shares in the last quarter. 93.21% of the stock is owned by institutional investors.

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.