Trimble (NASDAQ:TRMB) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. has raised its price target for Trimble (NASDAQ:TRMB) from $95.00 to $96.00, reflecting a potential upside of 16.50% from the current stock price.
• Trimble's stock has received a range of ratings from analysts, with seven recommending a buy, while one analyst downgraded it to a hold rating, leading to an average target price of $90.50.
• The company reported better-than-expected quarterly earnings, with an EPS of $0.71, surpassing analyst estimates of $0.63, and its revenue increased by 0.6% year-over-year.

Trimble (NASDAQ:TRMB - Get Free Report) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $95.00 to $96.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the scientific and technical instruments company's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 16.50% from the stock's current price.

Several other research analysts have also recently weighed in on TRMB. Oppenheimer raised their target price on Trimble from $88.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday. 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. Wall Street Zen downgraded Trimble from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, Raymond James Financial reissued an "outperform" rating and set a $93.00 price objective (up previously from $85.00) on shares of Trimble in a report on Thursday. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $90.50.

Trimble Trading Down 2.1%

Shares of TRMB stock traded down $1.73 on Thursday, reaching $82.40. 1,592,030 shares of the stock were exchanged, compared to its average volume of 1,569,508. The firm has a 50 day moving average of $77.46 and a two-hundred day moving average of $71.44. The stock has a market cap of $19.66 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 3.52 and a beta of 1.69. 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 has a 1-year low of $50.76 and a 1-year high of $87.50.

Trimble (NASDAQ:TRMB - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The firm had revenue of $875.70 million for the quarter, compared to the consensus estimate of $835.81 million. Trimble had a net margin of 42.40% and a return on equity of 9.87%. The firm's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 EPS. On average, research analysts anticipate that Trimble will post 2.37 EPS for the current year.

Insider Activity at Trimble

In related news, CEO Robert G. Painter sold 7,500 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $78.86, for a total value of $591,450.00. Following the sale, the chief executive officer owned 114,879 shares in the company, valued at approximately $9,059,357.94. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Jennifer Allison sold 3,156 shares of the firm's 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 sale, the vice president owned 2,882 shares of the company's stock, valued at $230,560. This trade represents a 52.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,047 shares of company stock worth $1,538,152 over the last ninety days. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Trimble

A number of institutional investors have recently modified their holdings of the stock. Catalyst Capital Advisors LLC purchased a new position in shares of Trimble in the second quarter valued at approximately $34,000. Central Pacific Bank Trust Division increased its holdings in Trimble by 174.9% during 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. Ameritas Advisory Services LLC acquired a new position in shares of Trimble during the second quarter worth $48,000. Flaharty Asset Management LLC acquired a new stake in Trimble during the 1st quarter worth $45,000. Finally, Steph & Co. increased its holdings in shares of Trimble by 592.0% in the 2nd quarter. Steph & Co. now owns 692 shares of the scientific and technical instruments company's stock valued at $53,000 after acquiring an additional 592 shares during the period. Hedge funds and other institutional investors own 93.21% of the company's stock.

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.

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