Trimble (NASDAQ:TRMB) Price Target Raised to $82.00

Trimble (NASDAQ:TRMB) had its price objective increased by Robert W. Baird from $66.00 to $82.00 in a research report sent to investors on Friday,Benzinga reports. Robert W. Baird currently has an outperform rating on the scientific and technical instruments company’s stock.

Several other research firms have also recently weighed in on TRMB. StockNews.com raised shares of Trimble from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Piper Sandler increased their price target on shares of Trimble from $73.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday. Oppenheimer reissued an “outperform” rating and issued a $72.00 price target on shares of Trimble in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Trimble from $66.00 to $74.00 and gave the company a “neutral” rating in a report on Thursday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $75.40.

Trimble Stock Performance

NASDAQ:TRMB traded up $0.51 during mid-day trading on Friday, hitting $72.65. The stock had a trading volume of 1,395,675 shares, compared to its average volume of 1,348,584. Trimble has a twelve month low of $40.79 and a twelve month high of $73.17. The stock has a market cap of $17.74 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 3.23 and a beta of 1.49. The company’s 50 day simple moving average is $60.46 and its 200 day simple moving average is $57.49. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.88 and a current ratio of 1.16.

Trimble (NASDAQ:TRMB) last issued its earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04. Trimble had a net margin of 40.67% and a return on equity of 10.18%. The business had revenue of $870.80 million during the quarter, compared to the consensus estimate of $862.50 million. During the same period last year, the business posted $0.51 EPS. Trimble’s revenue was down 12.4% on a year-over-year basis. On average, equities research analysts forecast that Trimble will post 2.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TRMB. Janney Montgomery Scott LLC increased its stake in Trimble by 31.3% in the first quarter. Janney Montgomery Scott LLC now owns 19,135 shares of the scientific and technical instruments company’s stock valued at $1,232,000 after acquiring an additional 4,563 shares during the last quarter. Csenge Advisory Group bought a new position in Trimble during the first quarter worth $217,000. Empirical Finance LLC raised its stake in Trimble by 4.7% during the first quarter. Empirical Finance LLC now owns 6,617 shares of the scientific and technical instruments company’s stock worth $426,000 after buying an additional 300 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Trimble during the first quarter worth $215,000. Finally, Empowered Funds LLC raised its stake in Trimble by 15.1% during the first quarter. Empowered Funds LLC now owns 5,145 shares of the scientific and technical instruments company’s stock worth $331,000 after buying an additional 675 shares during the last quarter. 93.21% of the stock is owned by institutional investors.

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.