Oppenheimer Boosts Trimble (NASDAQ:TRMB) Price Target to $94.00

Key Points

• Oppenheimer has raised its price target for Trimble from $88.00 to $94.00, suggesting a potential upside of 12.5% from current levels.
• Trimble reported earnings per share of $0.61 for the last quarter, surpassing expectations of $0.60, despite a year-over-year revenue decline of 11.8%.
• Institutional ownership of Trimble is high, with approximately 93.21% of the stock held by institutional investors and hedge funds.

Trimble (NASDAQ:TRMB - Free Report) had its target price lifted by Oppenheimer from $88.00 to $94.00 in a report released on Thursday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the scientific and technical instruments company's stock.

Other research analysts have also recently issued reports about the company. Raymond James Financial reissued an "outperform" rating and set a $93.00 price target (up from $85.00) on shares of Trimble in a research report on Thursday. Piper Sandler reissued an "overweight" rating and set a $84.00 price target on shares of Trimble in a research report on Thursday, May 8th. JPMorgan Chase & Co. increased their price target on Trimble from $88.00 to $95.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen cut Trimble from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $90.50.

Trimble Stock Performance

Shares of TRMB stock traded down $0.76 during trading on Thursday, reaching $83.01. The company had a trading volume of 572,000 shares, compared to its average volume of 1,573,260. The firm's 50 day simple moving average is $77.93 and its two-hundred day simple moving average is $71.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.81. Trimble has a one year low of $51.30 and a one year high of $87.50. The company has a market capitalization of $19.75 billion, a PE ratio of 71.63, a PEG ratio of 3.55 and a beta of 1.69.

Trimble (NASDAQ:TRMB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. The company had revenue of $875.70 million for the quarter, compared to analyst estimates of $835.81 million. Trimble had a return on equity of 10.24% and a net margin of 8.02%. The business's revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.62 earnings per share. Sell-side analysts forecast that Trimble will post 2.37 earnings per share for the current year.

Insider Activity

In other news, VP Mark David Schwartz sold 1,404 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $80.00, for a total value of $112,320.00. Following the completion of the transaction, the vice president owned 21,001 shares in the company, valued at $1,680,080. This trade represents a 6.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kaigham Gabriel sold 6,511 shares of Trimble stock in a transaction dated Wednesday, May 21st. The stock was 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 of the company's stock, valued at approximately $1,286,046.91. This trade represents a 26.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,047 shares of company stock valued at $1,538,152. 0.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Trimble

Several institutional investors have recently modified their holdings of TRMB. Parkside Financial Bank & Trust grew its holdings in shares of Trimble by 18.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 907 shares of the scientific and technical instruments company's stock worth $69,000 after purchasing an additional 141 shares in the last quarter. Balboa Wealth Partners increased its stake in shares of Trimble by 4.7% in the second quarter. Balboa Wealth Partners now owns 3,204 shares of the scientific and technical instruments company's stock valued at $243,000 after buying an additional 144 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Trimble by 11.7% in the second quarter. First Horizon Advisors Inc. now owns 1,515 shares of the scientific and technical instruments company's stock valued at $115,000 after buying an additional 159 shares during the period. MAI Capital Management lifted its stake 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 worth $176,000 after acquiring an additional 165 shares during the period. Finally, Horizon Investments LLC lifted its stake in shares of Trimble by 5.6% in the first quarter. Horizon Investments LLC now owns 3,528 shares of the scientific and technical instruments company's stock worth $232,000 after acquiring an additional 188 shares during the period. 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.