Trimble Inc. (NASDAQ:TRMB) Sees Large Growth in Short Interest

Trimble Inc. (NASDAQ:TRMB) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 2,470,000 shares, an increase of 19.9% from the November 30th total of 2,060,000 shares. Based on an average trading volume of 1,300,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.0% of the shares of the company are sold short.

Trimble Trading Down 1.5 %

Shares of NASDAQ TRMB traded down $1.10 during trading on Friday, reaching $71.20. The company had a trading volume of 608,635 shares, compared to its average volume of 1,341,551. Trimble has a 12 month low of $48.60 and a 12 month high of $76.97. The company has a quick ratio of 1.07, a current ratio of 1.16 and a debt-to-equity ratio of 0.24. The stock has a market cap of $17.39 billion, a P/E ratio of 11.91, a PEG ratio of 3.15 and a beta of 1.53. The company’s fifty day moving average price is $69.77 and its 200-day moving average price is $61.25.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. StockNews.com raised shares of Trimble from a “hold” rating to a “buy” rating in a report on Thursday, December 12th. Oppenheimer raised their target price on shares of Trimble from $77.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Sanford C. Bernstein increased their price target on Trimble from $82.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Robert W. Baird upped their target price on Trimble from $82.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Finally, Piper Sandler restated an “overweight” rating and set a $84.00 price target on shares of Trimble in a report on Wednesday, December 11th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $84.86.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in Trimble by 10.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 16,061 shares of the scientific and technical instruments company’s stock worth $898,000 after acquiring an additional 1,489 shares during the period. Principal Financial Group Inc. increased its holdings in Trimble by 1.7% in the second quarter. Principal Financial Group Inc. now owns 330,558 shares of the scientific and technical instruments company’s stock worth $18,485,000 after purchasing an additional 5,658 shares in the last quarter. Davidson Investment Advisors boosted its holdings in shares of Trimble by 19.4% during the 2nd quarter. Davidson Investment Advisors now owns 277,740 shares of the scientific and technical instruments company’s stock worth $15,531,000 after buying an additional 45,088 shares in the last quarter. Versor Investments LP acquired a new stake in shares of Trimble during the 2nd quarter worth approximately $719,000. Finally, Chilton Capital Management LLC bought a new stake in shares of Trimble in the 2nd quarter valued at $20,050,000. Institutional investors own 93.21% of the company’s stock.

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.