Trimble's (TRMB) Outperform Rating Reaffirmed at Raymond James Financial

Key Points

• Raymond James Financial has reaffirmed an “outperform” rating for Trimble (NASDAQ: TRMB) and increased their price target from $85.00 to $93.00, indicating a potential upside of 11.27% from its current stock price.
• Despite the positive outlook from some analysts, Wall Street Zen downgraded Trimble from a "buy" to a "hold" rating, while other firms have further raised their price targets, reflecting mixed sentiments among analysts.
• Trimble's recent earnings report revealed a 12-month high of $87.50 and a low of $50.52, with a quarterly revenue of $840.60 million, beating analysts' expectations of $810.45 million.

Trimble (NASDAQ:TRMB - Get Free Report)'s stock had its "outperform" rating reissued by stock analysts at Raymond James Financial in a report issued on Thursday,Benzinga reports. They presently have a $93.00 price objective on the scientific and technical instruments company's stock, up from their previous price objective of $85.00. Raymond James Financial's target price points to a potential upside of 11.27% from the stock's current price.

A number of other analysts also recently weighed in on TRMB. Wall Street Zen downgraded Trimble from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Piper Sandler reissued an "overweight" rating and issued a $84.00 price objective on shares of Trimble in a research note on Thursday, May 8th. JPMorgan Chase & Co. lifted their price target on Trimble from $88.00 to $95.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Oppenheimer boosted their price objective on Trimble from $81.00 to $88.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. One investment 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. According to data from MarketBeat, Trimble currently has an average rating of "Buy" and an average target price of $89.63.

Trimble Price Performance

Shares of TRMB stock opened at $83.58 on Thursday. 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 12 month low of $50.52 and a 12 month high of $87.50. The firm has a market cap of $19.94 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 3.52 and a beta of 1.69. The stock has a 50-day moving average price of $77.46 and a 200 day moving average price of $71.44.

Trimble (NASDAQ:TRMB - Get Free Report) last released its earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 EPS for the quarter, beating the consensus estimate 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 business's quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. Research analysts expect that Trimble will post 2.37 EPS for the current year.

Insider Buying and Selling

In other news, VP Mark David Schwartz sold 1,476 shares of Trimble stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $78.00, for a total value of $115,128.00. Following the sale, the vice president directly owned 22,405 shares of the company's stock, valued at approximately $1,747,590. The trade was a 6.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kaigham Gabriel sold 6,511 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $71.69, for a total value of $466,773.59. Following the sale, the director directly owned 17,939 shares in the company, valued at $1,286,046.91. The trade was a 26.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,047 shares of company stock valued at $1,538,152 over the last three months. 0.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TRMB. Brighton Jones LLC bought a new position in Trimble in the fourth quarter worth approximately $211,000. American Century Companies Inc. lifted its holdings in Trimble by 18.1% during the fourth quarter. American Century Companies Inc. now owns 15,421 shares of the scientific and technical instruments company's stock worth $1,090,000 after buying an additional 2,360 shares during the period. LPL Financial LLC lifted its holdings in Trimble by 95.2% during the fourth quarter. LPL Financial LLC now owns 44,839 shares of the scientific and technical instruments company's stock worth $3,168,000 after buying an additional 21,871 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Trimble by 17.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,595 shares of the scientific and technical instruments company's stock worth $395,000 after buying an additional 841 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Trimble by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 22,360 shares of the scientific and technical instruments company's stock worth $1,580,000 after buying an additional 5,472 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.

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