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

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

Several other research analysts have also recently issued reports on TRMB. Raymond James Financial cut Trimble from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Sanford C. Bernstein reduced their price target on shares of Trimble from $85.00 to $73.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Weiss Ratings upgraded shares of Trimble from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Loop Capital started coverage on shares of Trimble in a report on Monday, October 26th. They issued a “buy” rating and a $76.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their target price on shares of Trimble from $76.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.67.

Trimble Stock Down 1.1%

NASDAQ TRMB traded down $0.61 during mid-day trading on Thursday, reaching $53.64. The stock had a trading volume of 931,006 shares, compared to its average volume of 2,510,093. Trimble has a 1 year low of $47.92 and a 1 year high of $84.42. The stock has a market cap of $12.51 billion, a PE ratio of -108.86, a price-to-earnings-growth ratio of 2.12 and a beta of 1.32. The company has a fifty day moving average price of $59.94 and a 200 day moving average price of $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 issued its quarterly earnings data on Wednesday, November 4th. The scientific and technical instruments company reported $0.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.86. The company had revenue of $966.80 million for the quarter, compared to the consensus estimate of $966.41 million. Trimble had a negative net margin of 2.77% and a positive return on equity of 12.29%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 earnings per share. On average, research analysts expect that Trimble will post 3.10 earnings per share for the current year.

Insider Activity at Trimble

In other news, Director Kaigham Gabriel sold 2,476 shares of Trimble stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $65.00, for a total transaction of $160,940.00. Following the transaction, the director directly owned 14,950 shares of the company’s stock, valued at $971,750. The trade was a 14.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Trimble during the second quarter valued at approximately $1,096,304,000. Generation Investment Management LLP bought a new position in shares of Trimble in the second quarter worth approximately $367,994,000. Primecap Management Co. CA purchased a new stake in shares of Trimble in the second quarter worth $200,405,000. Legal & General Group Plc purchased a new stake in shares of Trimble in the second quarter worth $112,613,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Trimble in the second quarter worth $109,046,000. 93.21% of the stock is currently owned by institutional investors.

Trending Headlines about Trimble

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

Trimble Company Profile

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.