Oppenheimer Issues Positive Forecast for Trimble (NASDAQ:TRMB) Stock Price

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. They currently have an outperform rating on the scientific and technical instruments company's stock.

A number of other research firms have also recently commented on TRMB. Wall Street Zen cut shares of Trimble from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Raymond James Financial reiterated an "outperform" rating and issued a $93.00 target price (up from $85.00) on shares of Trimble in a research note on Thursday. 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, JPMorgan Chase & Co. lifted their target price on shares of Trimble from $88.00 to $95.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Trimble currently has an average rating of "Buy" and a consensus target price of $90.50.

Trimble Stock Up 1.5%

Shares of Trimble stock traded up $1.25 on Thursday, reaching $83.77. The stock had a trading volume of 2,390,747 shares, compared to its average volume of 1,972,172. The company has a 50 day moving average price of $77.93 and a 200 day moving average price of $71.55. The company has a quick ratio of 0.72, a current ratio of 0.94 and a debt-to-equity ratio of 0.25. Trimble has a 1 year low of $51.03 and a 1 year high of $87.50. The stock has a market capitalization of $19.93 billion, a P/E ratio of 72.22, a P/E/G ratio of 3.51 and a beta of 1.69.

Trimble (NASDAQ:TRMB - Get Free Report) last released its earnings results 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 during the quarter, compared to analysts' expectations of $835.81 million. Trimble had a net margin of 8.02% and a return on equity of 10.24%. Trimble's revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the business earned $0.62 EPS. As a group, equities research analysts forecast that Trimble will post 2.37 EPS for the current year.

Insider Activity at Trimble

In other Trimble news, VP Mark David Schwartz sold 1,476 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $78.00, for a total transaction of $115,128.00. Following the completion of the transaction, the vice president directly owned 22,405 shares in the company, valued at approximately $1,747,590. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kaigham Gabriel sold 6,511 shares of the 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. This trade represents a 26.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,047 shares of company stock valued at $1,538,152. Insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Trimble

Hedge funds have recently modified their holdings of the business. Catalyst Capital Advisors LLC acquired a new stake in shares of Trimble in the second quarter valued at about $34,000. Central Pacific Bank Trust Division grew its holdings in shares of Trimble by 174.9% in the first quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock valued at $37,000 after purchasing an additional 355 shares during the period. Flaharty Asset Management LLC purchased a new stake in shares of Trimble in the first quarter valued at about $45,000. Ameritas Advisory Services LLC purchased a new stake in shares of Trimble in the second quarter valued at about $48,000. Finally, Putney Financial Group LLC purchased a new stake in shares of Trimble in the fourth quarter valued at about $51,000. 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.