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Trimble (NASDAQ:TRMB) Upgraded by Wall Street Zen to Buy Rating

Trimble logo with Industrials background

Key Points

  • Wall Street Zen upgraded Trimble (NASDAQ: TRMB) from a "hold" rating to a "buy" rating, indicating increased confidence in the stock's performance.
  • Multiple analysts have set price targets for Trimble, with Oppenheimer increasing theirs from $88.00 to $94.00 and Raymond James raising theirs to $93.00, contributing to a consensus price target of $90.50.
  • Trimble reported quarterly earnings of $0.71 per share, beating the estimated $0.63, with a year-over-year revenue increase of 0.6% to $875.70 million.
  • Looking to Export and Analyze Trimble Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Trimble (NASDAQ:TRMB - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

A number of other research firms have also recently weighed in on TRMB. Oppenheimer increased their price objective on Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a research report on Thursday. Raymond James Financial reaffirmed an "outperform" rating and set a $93.00 price objective (up from $85.00) on shares of Trimble in a research report on Thursday. Piper Sandler reaffirmed an "overweight" rating and set a $84.00 price objective on shares of Trimble in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. increased their price objective on Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a research report on Thursday. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $90.50.

Read Our Latest Stock Analysis on TRMB

Trimble Stock Up 1.5%

Shares of TRMB traded up $1.25 during mid-day trading on Friday, reaching $83.77. The company's stock had a trading volume of 2,390,747 shares, compared to its average volume of 2,031,355. The stock has a market cap of $19.93 billion, a PE ratio of 72.22, a price-to-earnings-growth ratio of 3.55 and a beta of 1.69. 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 12-month low of $51.03 and a 12-month high of $87.50. The company's 50 day moving average is $77.93 and its 200 day moving average is $71.46.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. The firm had revenue of $875.70 million during the quarter, compared to analysts' expectations 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 period in the prior year, the firm earned $0.62 EPS. Equities analysts anticipate that Trimble will post 2.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Jennifer Allison sold 3,156 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total value of $252,480.00. Following the completion of the sale, the vice president directly owned 2,882 shares of the company's stock, valued at $230,560. This trade represents a 52.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert G. Painter sold 7,500 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 114,879 shares of the company's stock, valued at $9,059,357.94. This represents a 6.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,047 shares of company stock valued at $1,538,152 over the last 90 days. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Trimble

Hedge funds and other institutional investors have recently bought and sold shares of the company. Catalyst Capital Advisors LLC acquired a new position in Trimble during the second quarter worth $34,000. Central Pacific Bank Trust Division increased its position in Trimble by 174.9% during the first quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock worth $37,000 after buying an additional 355 shares in the last quarter. Flaharty Asset Management LLC purchased a new position in Trimble during the first quarter worth $45,000. Ameritas Advisory Services LLC purchased a new position in Trimble during the second quarter worth $48,000. Finally, Putney Financial Group LLC purchased a new position in Trimble during the fourth quarter worth $51,000. 93.21% of the stock is owned by institutional investors and hedge funds.

Trimble Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Trimble (NASDAQ:TRMB)

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