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

Trimble (NASDAQ:TRMB - Free Report) had its target price hoisted by Oppenheimer from $81.00 to $88.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the scientific and technical instruments company's stock.

Other analysts have also issued reports about the stock. Wall Street Zen lowered shares of Trimble from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Piper Sandler reiterated an "overweight" rating and set a $84.00 target price on shares of Trimble in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Trimble from $88.00 to $95.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Trimble currently has an average rating of "Buy" and an average target price of $89.14.

Trimble Price Performance

Shares of Trimble stock traded up $1.35 during trading on Thursday, hitting $82.02. The stock had a trading volume of 1,517,393 shares, compared to its average volume of 1,412,637. The firm has a market cap of $19.57 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 3.44 and a beta of 1.67. Trimble has a 12 month low of $48.65 and a 12 month high of $82.14. The business's 50-day moving average is $73.91 and its 200 day moving average is $70.28. The company has a current ratio of 0.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26.

Trimble (NASDAQ:TRMB - Get Free Report) 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, topping the consensus estimate of $0.60 by $0.01. Trimble had a net margin of 42.40% and a return on equity of 9.87%. The company had revenue of $840.60 million during the quarter, compared to analyst estimates of $810.45 million. During the same period in the previous year, the business earned $0.64 earnings per share. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Trimble will post 2.37 earnings per share for the current year.

Insider Activity

In other news, VP Jennifer Allison sold 3,156 shares of Trimble stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $80.00, for a total transaction of $252,480.00. Following the transaction, the vice president owned 2,882 shares in the company, valued at $230,560. This trade represents a 52.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kaigham Gabriel sold 6,511 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $71.69, for a total transaction of $466,773.59. Following the sale, 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 disclosure for this sale can be found here. Insiders sold 20,047 shares of company stock worth $1,538,152 over the last three months. 0.54% of the stock is currently owned by insiders.

Institutional Trading of Trimble

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. One Wealth Advisors LLC increased its holdings in Trimble by 8.0% in the 2nd quarter. One Wealth Advisors LLC now owns 7,743 shares of the scientific and technical instruments company's stock valued at $588,000 after acquiring an additional 576 shares during the last quarter. Spectrum Strategic Capital Management LLC bought a new stake in Trimble in the 2nd quarter valued at $228,000. Poinciana Advisors Group LLC bought a new stake in Trimble in the 2nd quarter valued at $214,000. HB Wealth Management LLC bought a new stake in shares of Trimble in the 2nd quarter worth about $241,000. Finally, GC Wealth Management RIA LLC bought a new stake in shares of Trimble in the 2nd quarter worth about $460,000. 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.