Trimble (NASDAQ:TRMB) Reaches New 52-Week High on Analyst Upgrade

Trimble Inc. (NASDAQ:TRMB - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday after Oppenheimer raised their price target on the stock from $81.00 to $88.00. Oppenheimer currently has an outperform rating on the stock. Trimble traded as high as $81.90 and last traded at $81.68, with a volume of 579619 shares changing hands. The stock had previously closed at $80.67.

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

Insiders Place Their Bets

In other news, Director Kaigham Gabriel sold 6,511 shares of the business's stock in a transaction dated 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 sale, the director owned 17,939 shares of the company's stock, valued at $1,286,046.91. The trade was a 26.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert G. Painter sold 7,500 shares of the company's stock in a transaction dated 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 owned 114,879 shares of the company's stock, valued at approximately $9,059,357.94. This trade represents a 6.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,047 shares of company stock worth $1,538,152. Corporate insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Trimble

Several institutional investors have recently bought and sold shares of TRMB. MAI Capital Management lifted its position in shares of Trimble by 6.6% in the first quarter. MAI Capital Management now owns 2,684 shares of the scientific and technical instruments company's stock valued at $176,000 after acquiring an additional 165 shares in the last quarter. Huntington National Bank lifted its holdings in Trimble by 10.4% in the 4th quarter. Huntington National Bank now owns 1,768 shares of the scientific and technical instruments company's stock valued at $125,000 after purchasing an additional 167 shares in the last quarter. Horizon Investments LLC lifted its holdings in Trimble by 5.6% in the 1st quarter. Horizon Investments LLC now owns 3,528 shares of the scientific and technical instruments company's stock valued at $232,000 after purchasing an additional 188 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its stake in Trimble by 0.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 37,876 shares of the scientific and technical instruments company's stock worth $2,676,000 after purchasing an additional 193 shares during the last quarter. Finally, CW Advisors LLC grew its holdings in shares of Trimble by 1.9% during the first quarter. CW Advisors LLC now owns 11,172 shares of the scientific and technical instruments company's stock worth $733,000 after buying an additional 207 shares in the last quarter. 93.21% of the stock is currently owned by institutional investors and hedge funds.

Trimble Price Performance

The firm has a market capitalization of $19.57 billion, a price-to-earnings ratio of 36.30, a PEG ratio of 3.49 and a beta of 1.67. The stock's 50-day moving average price is $74.19 and its 200 day moving average price is $70.36. 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 (NASDAQ:TRMB - Get Free Report) last released its earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The business had revenue of $840.60 million for the quarter, compared to analyst estimates of $810.45 million. Trimble had a net margin of 42.40% and a return on equity of 9.87%. The business's revenue was down 11.8% on a year-over-year basis. During the same period last year, the company posted $0.64 EPS. Equities research analysts expect that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

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.