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

Trimble (NASDAQ:TRMB) had its price target hoisted by analysts at Oppenheimer from $77.00 to $88.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the scientific and technical instruments company’s stock. Oppenheimer’s target price would indicate a potential upside of 18.73% from the stock’s current price.

A number of other equities analysts have also commented on TRMB. Piper Sandler reaffirmed an “overweight” rating and issued a $84.00 price objective on shares of Trimble in a research note on Wednesday. StockNews.com cut Trimble from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. raised Trimble from a “neutral” rating to an “overweight” rating and upped their price target for the company from $74.00 to $92.00 in a research report on Wednesday, December 4th. Finally, Robert W. Baird raised their price objective on Trimble from $82.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $83.80.

Trimble Price Performance

NASDAQ TRMB opened at $74.12 on Wednesday. Trimble has a 1 year low of $46.71 and a 1 year high of $76.97. The stock’s 50-day moving average price is $67.06 and its two-hundred day moving average price is $59.77. The company has a market cap of $18.10 billion, a PE ratio of 12.39, a PEG ratio of 3.20 and a beta of 1.53. The company has a current ratio of 1.16, a quick ratio of 1.07 and a debt-to-equity ratio of 0.24.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of Trimble by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,898,092 shares of the scientific and technical instruments company’s stock valued at $364,984,000 after purchasing an additional 39,069 shares in the last quarter. Victory Capital Management Inc. increased its position in Trimble by 41.4% during the third quarter. Victory Capital Management Inc. now owns 5,442,653 shares of the scientific and technical instruments company’s stock worth $337,934,000 after buying an additional 1,594,732 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in Trimble by 7.0% during the second quarter. Thrivent Financial for Lutherans now owns 3,647,641 shares of the scientific and technical instruments company’s stock valued at $203,976,000 after buying an additional 239,673 shares in the last quarter. Impax Asset Management Group plc lifted its position in shares of Trimble by 18.7% in the third 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 buying an additional 434,065 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Trimble by 49.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,056,558 shares of the scientific and technical instruments company’s stock worth $127,692,000 after acquiring an additional 676,954 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.