Short Interest in Trimble Inc. (NASDAQ:TRMB) Grows By 38.8%

Trimble Inc. (NASDAQ:TRMB - Get Free Report) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 3,790,000 shares, an increase of 38.8% from the September 30th total of 2,730,000 shares. Based on an average daily volume of 1,350,000 shares, the short-interest ratio is presently 2.8 days. Currently, 1.6% of the company's stock are short sold.

Analysts Set New Price Targets

Several analysts have commented on the company. Oppenheimer reiterated an "outperform" rating and set a $72.00 target price on shares of Trimble in a research note on Wednesday, August 7th. Robert W. Baird raised their price target on Trimble from $65.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on Trimble from $58.00 to $66.00 and gave the stock a "neutral" rating in a research note on Thursday, September 19th. StockNews.com downgraded Trimble from a "buy" rating to a "hold" rating in a research note on Thursday. Finally, Piper Sandler restated an "overweight" rating and issued a $73.00 price target on shares of Trimble in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Trimble currently has an average rating of "Moderate Buy" and a consensus target price of $66.67.

Trimble Stock Performance

NASDAQ TRMB traded up $0.45 on Monday, hitting $61.35. 748,654 shares of the company traded hands, compared to its average volume of 1,342,944. The company has a market capitalization of $14.98 billion, a price-to-earnings ratio of 10.02, a P/E/G ratio of 2.73 and a beta of 1.49. The company has a current ratio of 0.99, a quick ratio of 0.88 and a debt-to-equity ratio of 0.25. The business's 50 day moving average price is $58.92 and its 200-day moving average price is $57.08. Trimble has a 52-week low of $39.57 and a 52-week high of $65.55.

Trimble (NASDAQ:TRMB - Get Free Report) last released its earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. The company had revenue of $870.80 million for the quarter, compared to the consensus estimate of $862.50 million. Trimble had a return on equity of 10.94% and a net margin of 40.70%. Trimble's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 earnings per share. Equities analysts expect that Trimble will post 2.23 earnings per share for the current year.

Hedge Funds Weigh In On Trimble

A number of large investors have recently made changes to their positions in the business. Norris Perne & French LLP MI increased its position in shares of Trimble by 65.2% during the third quarter. Norris Perne & French LLP MI now owns 428,605 shares of the scientific and technical instruments company's stock worth $26,612,000 after purchasing an additional 169,117 shares in the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. purchased a new stake in Trimble in the third quarter valued at $211,000. Pinnacle Associates Ltd. boosted its holdings in Trimble by 2.6% in the third quarter. Pinnacle Associates Ltd. now owns 495,047 shares of the scientific and technical instruments company's stock valued at $30,737,000 after purchasing an additional 12,545 shares during the last quarter. Deltec Asset Management LLC purchased a new stake in Trimble in the third quarter valued at $475,000. Finally, abrdn plc boosted its holdings in Trimble by 2.7% in the third quarter. abrdn plc now owns 556,235 shares of the scientific and technical instruments company's stock valued at $34,122,000 after purchasing an additional 14,663 shares during 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.

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