Trimble (NASDAQ:TRMB) Given New $78.00 Price Target at Barclays

Trimble (NASDAQ:TRMB) had its price objective dropped by equities research analysts at Barclays from $80.00 to $78.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the scientific and technical instruments company’s stock. Barclays‘s price target suggests a potential upside of 41.92% from the stock’s current price.

Other research analysts have also issued reports about the stock. Raymond James Financial lowered shares of Trimble from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen lowered Trimble from a “buy” rating to a “hold” rating in a report on Saturday. Sanford C. Bernstein dropped their price target on Trimble from $85.00 to $73.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. JPMorgan Chase & Co. reduced their price objective on Trimble from $75.00 to $73.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Oppenheimer decreased their price objective on Trimble from $80.00 to $73.00 and set an “outperform” rating for the company in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $78.22.

Trimble Stock Performance

TRMB traded up $0.85 on Monday, reaching $54.96. The company had a trading volume of 316,899 shares, compared to its average volume of 2,520,750. Trimble has a 1 year low of $47.92 and a 1 year high of $84.42. The stock has a market capitalization of $12.82 billion, a PE ratio of -78.51, a P/E/G ratio of 1.75 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.93 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average price of $59.67 and a 200-day moving average price of $60.50.

Trimble (NASDAQ:TRMB) last issued its quarterly earnings data on Wednesday, November 4th. The scientific and technical instruments company reported $0.86 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.86. Trimble had a positive return on equity of 12.73% and a negative net margin of 4.08%. The company had revenue of $966.80 million for the quarter, compared to analyst estimates of $966.41 million. During the same quarter last year, the company posted $0.81 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, research analysts forecast that Trimble will post 3.10 EPS for the current fiscal year.

Insider Transactions at Trimble

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Trimble during the second quarter worth about $1,096,304,000. State Street Corp grew its holdings in Trimble by 7.9% in the 2nd quarter. State Street Corp now owns 11,644,706 shares of the scientific and technical instruments company’s stock valued at $595,976,000 after buying an additional 849,549 shares during the period. Generation Investment Management LLP purchased a new stake in Trimble in the 2nd quarter valued at about $367,994,000. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Trimble by 5.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,687,967 shares of the scientific and technical instruments company’s stock valued at $267,730,000 after acquiring an additional 239,499 shares during the last quarter. Finally, Primecap Management Co. CA acquired a new position in shares of Trimble during the 2nd quarter valued at about $200,405,000. Institutional investors and hedge funds own 93.21% of the company’s stock.

Trimble Company Profile

Trimble Inc develops technology that connects the physical and digital worlds to help customers plan, build, and manage infrastructure and other assets. Its offerings combine positioning technologies, hardware, software, and data services for industries including construction, geospatial, transportation, and agriculture.

Products and services include GNSS and surveying equipment, machine-control systems, mapping and measurement tools, and software for design, project management, fleet operations, and asset tracking.