Piper Sandler Forecasts Strong Price Appreciation for Trimble (NASDAQ:TRMB) Stock

Trimble (NASDAQ:TRMB) had its target price lifted by analysts at Piper Sandler from $73.00 to $84.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the scientific and technical instruments company’s stock. Piper Sandler’s target price would indicate a potential upside of 15.62% from the company’s current price.

A number of other research analysts have also recently commented on the company. Oppenheimer reissued an “outperform” rating and issued a $72.00 target price on shares of Trimble in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Trimble from a “hold” rating to a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. raised their price objective on shares of Trimble from $58.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Finally, Robert W. Baird raised their price objective on shares of Trimble from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.40.

Trimble Stock Up 0.7 %

Shares of TRMB traded up $0.51 during trading hours on Thursday, hitting $72.65. The stock had a trading volume of 1,395,675 shares, compared to its average volume of 1,348,584. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 0.88. The firm has a 50 day simple moving average of $60.46 and a 200-day simple moving average of $57.49. The firm has a market capitalization of $17.74 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 3.23 and a beta of 1.49. Trimble has a 1-year low of $40.79 and a 1-year high of $73.17.

Trimble (NASDAQ:TRMB) last announced its earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The firm had revenue of $870.80 million for the quarter, compared to the consensus estimate of $862.50 million. Trimble had a return on equity of 10.18% and a net margin of 40.67%. The company’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.51 EPS. Sell-side analysts predict that Trimble will post 2.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Trimble

Institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. increased its holdings in shares of Trimble by 1,387.6% in the 2nd quarter. Victory Capital Management Inc. now owns 3,847,921 shares of the scientific and technical instruments company’s stock valued at $215,176,000 after acquiring an additional 3,589,249 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Trimble by 2,035.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,146,995 shares of the scientific and technical instruments company’s stock valued at $63,635,000 after buying an additional 1,093,275 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Trimble by 25.4% in the 1st quarter. Lazard Asset Management LLC now owns 2,549,535 shares of the scientific and technical instruments company’s stock valued at $164,087,000 after buying an additional 516,789 shares during the period. Impax Asset Management Group plc raised its holdings in Trimble by 18.7% in the 3rd quarter. Impax Asset Management Group plc now owns 2,755,576 shares of the scientific and technical instruments company’s stock worth $169,978,000 after purchasing an additional 434,065 shares during the period. Finally, Capital Group Private Client Services Inc. raised its holdings in Trimble by 77.8% in the 1st quarter. Capital Group Private Client Services Inc. now owns 891,592 shares of the scientific and technical instruments company’s stock worth $57,383,000 after purchasing an additional 390,171 shares during the period. 93.21% of the stock is owned by institutional investors.

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.