Trimble (NASDAQ:TRMB) Coverage Initiated at Piper Sandler

Analysts at Piper Sandler initiated coverage on shares of Trimble (NASDAQ:TRMB) in a research report issued on Thursday, The Fly reports. The firm set an “overweight” rating on the scientific and technical instruments company’s stock.

Separately, Morgan Stanley downgraded Trimble from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $80.00 to $74.00 in a research note on Thursday, September 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Trimble presently has an average rating of “Hold” and an average price target of $69.20.

Shares of Trimble stock traded up $2.49 on Thursday, reaching $83.58. 42,408 shares of the company were exchanged, compared to its average volume of 1,569,961. The stock has a fifty day moving average price of $89.22 and a 200-day moving average price of $83.43. The company has a current ratio of 1.28, a quick ratio of 1.02 and a debt-to-equity ratio of 0.34. Trimble has a fifty-two week low of $47.19 and a fifty-two week high of $96.49. The firm has a market capitalization of $21.03 billion, a price-to-earnings ratio of 40.77, a price-to-earnings-growth ratio of 4.32 and a beta of 1.53.

Trimble (NASDAQ:TRMB) last issued its earnings results on Wednesday, August 4th. The scientific and technical instruments company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.12. Trimble had a return on equity of 15.69% and a net margin of 15.01%. The firm had revenue of $945.30 million for the quarter, compared to the consensus estimate of $870.23 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. The business’s quarterly revenue was up 28.6% compared to the same quarter last year. On average, equities analysts anticipate that Trimble will post 2.17 earnings per share for the current fiscal year.

In other Trimble news, Director Steven W. Berglund sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 17th. The stock was sold at an average price of $88.40, for a total value of $5,304,000.00. Following the completion of the transaction, the director now owns 138,695 shares of the company’s stock, valued at approximately $12,260,638. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Bryn Fosburgh sold 56,200 shares of the company’s stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $88.60, for a total value of $4,979,320.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 323,510 shares of company stock valued at $29,236,572. 0.48% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of TRMB. ARK Investment Management LLC boosted its position in Trimble by 87.1% in the 2nd quarter. ARK Investment Management LLC now owns 5,258,393 shares of the scientific and technical instruments company’s stock valued at $430,294,000 after buying an additional 2,448,144 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its position in Trimble by 247.4% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 3,237,885 shares of the scientific and technical instruments company’s stock valued at $262,269,000 after buying an additional 2,305,873 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Trimble by 72.8% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,861,205 shares of the scientific and technical instruments company’s stock valued at $397,792,000 after buying an additional 2,048,753 shares during the last quarter. Macquarie Group Ltd. boosted its position in Trimble by 28,838.9% in the 2nd quarter. Macquarie Group Ltd. now owns 1,766,141 shares of the scientific and technical instruments company’s stock valued at $144,523,000 after buying an additional 1,760,038 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Trimble by 46.7% in the 1st quarter. Geode Capital Management LLC now owns 4,541,210 shares of the scientific and technical instruments company’s stock valued at $352,384,000 after buying an additional 1,445,343 shares during the last quarter. 90.08% of the stock is owned by institutional investors and hedge funds.

About Trimble

Trimble, Inc engages in the provision of positioning technology solutions. It operates through the following segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. The Buildings and Infrastructure segment serves architects, engineers, contractors, owners, and operators.

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