Piper Sandler Reiterates “Overweight” Rating for Trimble (NASDAQ:TRMB)

Piper Sandler restated their overweight rating on shares of Trimble (NASDAQ:TRMB) in a report published on Monday morning, Benzinga reports. The firm currently has a $73.00 target price on the scientific and technical instruments company’s stock.

Several other equities analysts have also commented on TRMB. StockNews.com upgraded Trimble from a hold rating to a buy rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price target on shares of Trimble from $65.00 to $58.00 and set a neutral rating for the company in a research report on Wednesday, August 7th. Robert W. Baird lifted their price objective on shares of Trimble from $65.00 to $66.00 and gave the company an outperform rating in a report on Thursday, August 8th. Raymond James restated an outperform rating and set a $65.00 target price on shares of Trimble in a report on Wednesday, May 15th. Finally, Oppenheimer reiterated an outperform rating and issued a $72.00 price target on shares of Trimble in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Trimble currently has an average rating of Moderate Buy and an average target price of $65.33.

Trimble Price Performance

Trimble stock opened at $56.05 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.99 and a quick ratio of 0.88. The stock has a market cap of $13.69 billion, a price-to-earnings ratio of 58.61, a price-to-earnings-growth ratio of 2.45 and a beta of 1.50. The firm has a 50-day moving average of $55.02 and a two-hundred day moving average of $57.74. Trimble has a 1 year low of $39.57 and a 1 year high of $65.55.

Trimble (NASDAQ:TRMB) last posted its quarterly earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. The firm had revenue of $870.80 million during the quarter, compared to the consensus estimate of $862.50 million. Trimble had a net margin of 40.70% and a return on equity of 10.94%. The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 earnings per share. On average, research analysts forecast that Trimble will post 2.22 earnings per share for the current year.

Hedge Funds Weigh In On Trimble

Large investors have recently made changes to their positions in the business. Truist Financial Corp grew its stake in Trimble by 56.7% during the 4th quarter. Truist Financial Corp now owns 38,884 shares of the scientific and technical instruments company’s stock worth $2,069,000 after buying an additional 14,074 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Trimble by 25.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 296,093 shares of the scientific and technical instruments company’s stock valued at $19,057,000 after acquiring an additional 60,409 shares in the last quarter. Jump Financial LLC increased its holdings in shares of Trimble by 80.9% during the fourth quarter. Jump Financial LLC now owns 40,203 shares of the scientific and technical instruments company’s stock valued at $2,139,000 after acquiring an additional 17,979 shares in the last quarter. Contour Asset Management LLC raised its position in shares of Trimble by 14.6% in the 4th quarter. Contour Asset Management LLC now owns 3,479,817 shares of the scientific and technical instruments company’s stock valued at $185,126,000 after purchasing an additional 442,131 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its stake in Trimble by 484.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 90,705 shares of the scientific and technical instruments company’s stock worth $5,838,000 after purchasing an additional 75,182 shares in the last quarter. 93.21% of the stock is 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.