Trimble (NASDAQ:TRMB) Hits New 52-Week High - Here's Why

Trimble Inc. (NASDAQ:TRMB - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $77.89 and last traded at $77.86, with a volume of 987549 shares traded. The stock had previously closed at $76.46.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TRMB shares. Piper Sandler reaffirmed an "overweight" rating and set a $84.00 price objective on shares of Trimble in a research note on Thursday, May 8th. JPMorgan Chase & Co. boosted their target price on Trimble from $84.00 to $88.00 and gave the stock an "overweight" rating in a report on Wednesday, May 14th. Finally, Wall Street Zen cut Trimble from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Trimble currently has a consensus rating of "Buy" and a consensus price target of $88.43.

Trimble Stock Up 1.2%

The firm's fifty day simple moving average is $70.63 and its two-hundred day simple moving average is $69.70. The company has a current ratio of 0.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $18.81 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 3.32 and a beta of 1.67.

Trimble (NASDAQ:TRMB - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $840.60 million for the quarter, compared to analysts' expectations of $810.45 million. Trimble had a return on equity of 9.87% and a net margin of 42.40%. The firm's quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. Sell-side analysts anticipate that Trimble Inc. will post 2.37 EPS for the current year.

Insider Activity

In related news, Director Kaigham Gabriel sold 6,511 shares of the stock in a transaction that occurred 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 completion of the transaction, the director owned 17,939 shares of the company's stock, valued at approximately $1,286,046.91. This trade represents a 26.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. acquired a new stake in shares of Trimble in the fourth quarter valued at $28,000. Rialto Wealth Management LLC purchased a new position in Trimble during the 4th quarter valued at about $35,000. SBI Securities Co. Ltd. acquired a new position in Trimble in the 4th quarter valued at about $36,000. Central Pacific Bank Trust Division increased its stake in Trimble by 174.9% during the first 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. Finally, Larson Financial Group LLC increased its stake in Trimble by 164.8% during the fourth quarter. Larson Financial Group LLC now owns 678 shares of the scientific and technical instruments company's stock worth $48,000 after purchasing an additional 422 shares during the period. 93.21% of the stock is currently owned by institutional investors and hedge funds.

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.