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

Trimble Inc. (NASDAQ:TRMB - Get Free Report) was the recipient of a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 4,300,000 shares, a growth of 45.3% from the February 28th total of 2,960,000 shares. Based on an average daily volume of 1,530,000 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.8% of the shares of the company are sold short.

Insiders Place Their Bets

In other Trimble news, VP Christopher F. Keating sold 5,709 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $72.00, for a total transaction of $411,048.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Jennifer Allison sold 3,571 shares of the company's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $74.75, for a total transaction of $266,932.25. Following the sale, the vice president now owns 3,157 shares of the company's stock, valued at $235,985.75. This trade represents a 53.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,421 shares of company stock valued at $831,683 over the last 90 days. 0.47% of the stock is currently owned by company insiders.

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Hedge Funds Weigh In On Trimble

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. raised its stake in Trimble by 0.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 22,969 shares of the scientific and technical instruments company's stock worth $1,623,000 after acquiring an additional 141 shares in the last quarter. Essex Investment Management Co. LLC lifted its holdings in Trimble by 0.5% during the 4th quarter. Essex Investment Management Co. LLC now owns 28,546 shares of the scientific and technical instruments company's stock valued at $2,017,000 after purchasing an additional 141 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in Trimble by 12.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,322 shares of the scientific and technical instruments company's stock valued at $93,000 after purchasing an additional 149 shares during the last quarter. M&T Bank Corp boosted its position in Trimble by 1.6% in the fourth quarter. M&T Bank Corp now owns 10,155 shares of the scientific and technical instruments company's stock valued at $717,000 after buying an additional 156 shares in the last quarter. Finally, Huntington National Bank grew its stake in Trimble by 10.4% during the fourth quarter. Huntington National Bank now owns 1,768 shares of the scientific and technical instruments company's stock worth $125,000 after buying an additional 167 shares during the last quarter. Institutional investors own 93.21% of the company's stock.

Trimble Price Performance

TRMB traded down $5.69 during midday trading on Thursday, reaching $60.82. 739,086 shares of the company's stock were exchanged, compared to its average volume of 1,375,678. The company has a quick ratio of 1.07, a current ratio of 1.27 and a debt-to-equity ratio of 0.24. The business has a 50-day simple moving average of $71.53 and a two-hundred day simple moving average of $69.14. The firm has a market capitalization of $14.95 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 3.09 and a beta of 1.57. Trimble has a one year low of $48.65 and a one year high of $77.78.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TRMB. Cfra raised Trimble from a "buy" rating to a "strong-buy" rating and set a $92.00 price objective for the company in a research report on Thursday, February 20th. Wolfe Research upgraded shares of Trimble from a "peer perform" rating to an "outperform" rating and set a $90.00 price objective on the stock in a report on Monday, December 16th. Piper Sandler reiterated an "overweight" rating and issued a $84.00 target price on shares of Trimble in a research note on Wednesday, December 11th. Sanford C. Bernstein lifted their target price on Trimble from $82.00 to $85.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 11th. Finally, 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 report on Wednesday, December 4th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $86.00.

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.