Trimble (NASDAQ:TRMB) Price Target Cut to $60.00 by Analysts at Wells Fargo & Company

Trimble (NASDAQ:TRMB) had its target price dropped by analysts at Wells Fargo & Company from $61.00 to $60.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the scientific and technical instruments company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 11.85% from the company’s previous close.

TRMB has been the topic of several other reports. Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective on shares of Trimble in a research note on Thursday. Weiss Ratings raised Trimble from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Raymond James Financial cut Trimble from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded Trimble from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Finally, Sanford C. Bernstein reduced 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. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Trimble currently has an average rating of “Moderate Buy” and an average target price of $78.67.

Trimble Price Performance

TRMB traded down $0.61 on Thursday, reaching $53.64. 931,006 shares of the company’s stock were exchanged, compared to its average volume of 2,510,093. The stock has a market cap of $12.51 billion, a PE ratio of -108.86, a P/E/G ratio of 2.12 and a beta of 1.32. Trimble has a twelve month low of $47.92 and a twelve month high of $84.42. The stock’s fifty day moving average price is $59.94 and its 200-day moving average price is $60.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.95 and a quick ratio of 0.82.

Trimble (NASDAQ:TRMB) last posted its quarterly earnings results on Wednesday, November 4th. The scientific and technical instruments company reported $0.86 EPS for the quarter, hitting the consensus estimate of $0.86. Trimble had a positive return on equity of 12.29% and a negative net margin of 2.77%. The business had revenue of $966.80 million for the quarter, compared to analyst estimates of $966.41 million. During the same quarter in the previous year, the firm earned $0.81 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. Sell-side analysts expect that Trimble will post 3.10 EPS for the current year.

Insider Buying and Selling

In other Trimble 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 sale, the director directly owned 14,950 shares of the company’s stock, valued at approximately $971,750. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Trimble

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York Life Investment Management LLC lifted its position in Trimble by 103.2% during the third quarter. New York Life Investment Management LLC now owns 66,163 shares of the scientific and technical instruments company’s stock valued at $3,779,000 after buying an additional 33,595 shares during the period. Fulcrum Asset Management LLP bought a new position in shares of Trimble in the 3rd quarter worth about $521,000. Allspring Global Investments Holdings LLC lifted its position in Trimble by 19.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 13,194 shares of the scientific and technical instruments company’s stock valued at $759,000 after acquiring an additional 2,122 shares during the period. Brighton Jones LLC lifted its position in Trimble by 5.6% during the 3rd quarter. Brighton Jones LLC now owns 4,559 shares of the scientific and technical instruments company’s stock valued at $260,000 after acquiring an additional 242 shares during the period. Finally, Ethic Inc. boosted its stake in Trimble by 27.4% during the third quarter. Ethic Inc. now owns 11,720 shares of the scientific and technical instruments company’s stock worth $669,000 after acquiring an additional 2,524 shares in the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.

More Trimble News

Here are the key news stories impacting Trimble this week:

• Positive Sentiment: Trimble reported Q3 revenue of $966.8 million, up 7.3% year over year, and annualized recurring revenue reached a record $2.564 billion. The recurring-revenue expansion supports the company’s subscription-focused strategy. Trimble Q3 results and guidance
• Neutral Sentiment: Adjusted EPS of $0.86 matched analysts’ expectations, while revenue was slightly above consensus; EPS was up from $0.81 a year earlier. The results were solid but did not deliver an earnings surprise. Trimble Q3 earnings match estimates
• Neutral Sentiment: Trimble added Matthew C. Brown to its board. The announcement provides a governance update, but the available report does not indicate a direct near-term financial impact. Trimble adds Matthew C. Brown to its board
• Negative Sentiment: Trimble cut its growth outlook as European freight markets slowed. Investors may view weaker demand and the lower forecast as a greater concern than the in-line EPS and modest revenue beat, contributing to pressure on the shares. Trimble cuts growth outlook as European freight market slows

About Trimble

Trimble Inc develops technology solutions that connect the physical and digital worlds across construction, geospatial, transportation, agriculture, natural resources and other industrial markets. Its portfolio combines positioning technologies, field and office software, data services, connected devices and autonomous or machine-control systems to help customers plan, measure, build, manage and maintain physical assets.

The company’s products and services include surveying and mapping equipment, global navigation satellite system and positioning technologies, construction modeling and project-management software, machine-control systems, fleet and transportation-management solutions, and agricultural guidance and precision-farming tools.