Trimble (NASDAQ:TRMB) Reaches New 1-Year High - Here's Why

Key Points

• Trimble's stock price reached a new 52-week high of $86.42 during trading, closing at $85.07 with significant trading volume of 2,783,885 shares.
• Analysts have set a consensus target price of $89.14 for Trimble, with ratings ranging from "hold" to "strong buy" from various research firms.
• Trimble reported $840.6 million in revenue for the last quarter, exceeding analyst estimates, although this represents an 11.8% decrease year-over-year.

Trimble Inc. (NASDAQ:TRMB - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $86.42 and last traded at $85.07, with a volume of 2783885 shares traded. The stock had previously closed at $85.24.

Analyst Upgrades and Downgrades

TRMB has been the subject of several analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $84.00 target price on shares of Trimble in a research report on Thursday, May 8th. JPMorgan Chase & Co. raised their target price on Trimble from $88.00 to $95.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Wall Street Zen lowered Trimble from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Oppenheimer raised their target price on Trimble from $81.00 to $88.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $89.14.

Trimble Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.72 and a current ratio of 0.84. The stock has a fifty day simple moving average of $76.47 and a two-hundred day simple moving average of $71.16. The stock has a market capitalization of $19.66 billion, a price-to-earnings ratio of 13.46, a P/E/G ratio of 3.63 and a beta of 1.67.

Trimble (NASDAQ:TRMB - Get Free Report) last issued its earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $840.60 million during the quarter, compared to the consensus estimate of $810.45 million. Trimble had a return on equity of 9.87% and a net margin of 42.40%. The firm's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period last year, the business posted $0.64 EPS. Analysts forecast that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

Insider Transactions at Trimble

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

Hedge Funds Weigh In On Trimble

Hedge funds have recently modified their holdings of the company. Catalyst Capital Advisors LLC bought a new position in shares of Trimble during the 2nd quarter worth approximately $34,000. Central Pacific Bank Trust Division raised its holdings in shares of Trimble by 174.9% in the 1st quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock worth $37,000 after purchasing an additional 355 shares during the period. Flaharty Asset Management LLC bought a new stake in shares of Trimble in the 1st quarter worth approximately $45,000. Ameritas Advisory Services LLC bought a new stake in shares of Trimble in the 2nd quarter worth approximately $48,000. Finally, Putney Financial Group LLC bought a new stake in shares of Trimble in the 4th quarter worth approximately $51,000. Institutional investors 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.