JPMorgan Chase & Co. Has Lowered Expectations for Trimble (NASDAQ:TRMB) Stock Price

Trimble (NASDAQ:TRMB) had its target price cut by stock analysts at JPMorgan Chase & Co. from $75.00 to $73.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 36.09% from the company’s current price.

Several other brokerages have also recently issued reports on TRMB. Raymond James Financial cut shares of Trimble from a “moderate buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Sanford C. Bernstein decreased their target price on shares of Trimble from $85.00 to $73.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Wall Street Zen raised Trimble from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Piper Sandler reissued an “overweight” rating and set a $87.00 price target on shares of Trimble in a report on Thursday, August 13th. Finally, Barclays raised their price target on Trimble from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $78.44.

Trimble Stock Performance

Shares of NASDAQ TRMB traded down $0.61 during trading on Thursday, reaching $53.64. 4,780,666 shares of the company traded hands, compared to its average volume of 2,528,719. The firm has a 50 day simple moving average of $59.94 and a 200-day simple moving average of $60.68. The company has a quick ratio of 0.82, a current ratio of 0.95 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $12.51 billion, a PE ratio of -109.47, a P/E/G ratio of 2.12 and a beta of 1.32. Trimble has a 52-week low of $47.92 and a 52-week high of $84.42.

Trimble (NASDAQ:TRMB) last announced its quarterly earnings results on Wednesday, November 4th. The scientific and technical instruments company reported $0.86 EPS for the quarter, hitting analysts’ consensus estimates of $0.86. Trimble had a negative net margin of 2.77% and a positive return on equity of 12.29%. The firm had revenue of $966.80 million during the quarter, compared to analyst estimates of $966.41 million. During the same period in the previous year, the business posted $0.81 earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts anticipate that Trimble will post 3.10 earnings per share for the current year.

Insider Activity

In related news, Director Kaigham Gabriel sold 2,476 shares of the firm’s stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $65.00, for a total value of $160,940.00. Following the transaction, the director owned 14,950 shares of the company’s stock, valued at approximately $971,750. This trade represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.59% of the company’s stock.

Institutional Trading of Trimble

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Root Financial Partners LLC purchased a new position in shares of Trimble during the 3rd quarter worth $28,000. Frazier Financial Advisors LLC bought a new stake in shares of Trimble during the 2nd quarter valued at $25,000. Vega Investment Solutions bought a new stake in shares of Trimble during the 2nd quarter valued at $29,000. Heritage Family Offices LLP purchased a new stake in shares of Trimble in the 3rd quarter worth $36,000. Finally, SBI Securities Co. Ltd. raised its holdings in Trimble by 32.4% in the 3rd quarter. SBI Securities Co. Ltd. now owns 814 shares of the scientific and technical instruments company’s stock worth $46,000 after purchasing an additional 199 shares during the period. 93.21% of the stock is owned by hedge funds and other institutional investors.

More Trimble News

Here are the key news stories impacting Trimble this week:

• Positive Sentiment: Third-quarter revenue rose 7.3% to $966.8 million, slightly above estimates, while adjusted EPS of $0.86 matched consensus. Strength in AECO helped lift results. TRMB Q3 Earnings Meet Estimates as AECO Growth Lifts Revenues
• Positive Sentiment: Annualized recurring revenue reached a record $2.56 billion, supporting the longer-term subscription-growth story. Trimble: The Company That Sold the Tractor Business to Buy the Whole Job Site
• Negative Sentiment: Trimble lowered its growth outlook as recurring growth slows, with a sluggish European freight market adding to concerns. This weaker forward picture is the main near-term headwind despite the quarter’s growth. Trimble cuts growth outlook as European freight market slows
• Negative Sentiment: Several analysts trimmed price targets after the results: Baird lowered its target to $67 from $70, Loop Capital to $70 from $76, and Wells Fargo to $60 from $61. Wells Fargo maintained an Overweight rating. Baird Adjusts Price Target on Trimble to $67 From $70

About Trimble

Trimble Inc develops technology solutions that connect the physical and digital worlds across construction, geospatial, transportation, agriculture, natural resources and other industrial markets. Its portfolio combines positioning technologies, field and office software, data services, connected devices and autonomous or machine-control systems to help customers plan, measure, build, manage and maintain physical assets.

The company’s products and services include surveying and mapping equipment, global navigation satellite system and positioning technologies, construction modeling and project-management software, machine-control systems, fleet and transportation-management solutions, and agricultural guidance and precision-farming tools.