Trimble Inc. (NASDAQ:TRMB) Sees Large Increase in Short Interest

Trimble Inc. (NASDAQ:TRMB) was the target of a large increase in short interest in December. As of December 15th, there was short interest totalling 2,470,000 shares, an increase of 19.9% from the November 30th total of 2,060,000 shares. Currently, 1.0% of the company’s stock are short sold. Based on an average trading volume of 1,300,000 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

Several research firms recently weighed in on TRMB. Robert W. Baird boosted their target price on Trimble from $82.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Sanford C. Bernstein increased their target price on shares of Trimble from $82.00 to $85.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. StockNews.com raised shares of Trimble from a “hold” rating to a “buy” rating in a research report on Thursday, December 12th. Oppenheimer lifted their target price on Trimble from $77.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, Piper Sandler reissued an “overweight” rating and issued a $84.00 target price on shares of Trimble in a research report on Wednesday, December 11th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Trimble has a consensus rating of “Buy” and an average target price of $84.86.

Institutional Trading of Trimble

Several large investors have recently modified their holdings of TRMB. JPMorgan Chase & Co. lifted its stake in Trimble by 22.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 750,423 shares of the scientific and technical instruments company’s stock valued at $46,594,000 after buying an additional 136,452 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Trimble by 18.4% during the third quarter. Principal Financial Group Inc. now owns 391,310 shares of the scientific and technical instruments company’s stock valued at $24,296,000 after acquiring an additional 60,752 shares during the last quarter. Peapack Gladstone Financial Corp increased its position in Trimble by 6.8% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 4,270 shares of the scientific and technical instruments company’s stock worth $265,000 after purchasing an additional 270 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Trimble in the 3rd quarter valued at about $691,000. Finally, Sanctuary Advisors LLC lifted its holdings in Trimble by 85.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 12,888 shares of the scientific and technical instruments company’s stock valued at $800,000 after purchasing an additional 5,922 shares in the last quarter. 93.21% of the stock is currently owned by institutional investors and hedge funds.

Trimble Price Performance

TRMB stock opened at $70.43 on Tuesday. The company has a market cap of $17.20 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 3.15 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. The firm has a 50 day moving average of $69.77 and a 200-day moving average of $61.33. Trimble has a 12-month low of $48.60 and a 12-month high of $76.97.

Trimble Company Profile

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.