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

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

Insider Activity at Trimble

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

Institutional Trading of Trimble

Several institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Trimble by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 22,360 shares of the scientific and technical instruments company’s stock valued at $1,580,000 after acquiring an additional 5,472 shares in the last quarter. 111 Capital bought a new position in Trimble in the 4th quarter worth approximately $1,162,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Trimble by 9.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 33,479 shares of the scientific and technical instruments company’s stock valued at $2,366,000 after purchasing an additional 2,927 shares in the last quarter. Siemens Fonds Invest GmbH bought a new stake in shares of Trimble in the fourth quarter worth about $928,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Trimble during the fourth quarter valued at approximately $18,254,000. 93.21% of the stock is currently owned by institutional investors.

Trimble Stock Down 1.0 %

NASDAQ TRMB opened at $64.88 on Tuesday. Trimble has a 52 week low of $48.65 and a 52 week high of $77.78. 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 company has a market capitalization of $15.95 billion, a P/E ratio of 10.69, a price-to-earnings-growth ratio of 3.09 and a beta of 1.57. The stock’s 50-day moving average price is $71.96 and its 200-day moving average price is $69.10.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Cfra upgraded Trimble from a “buy” rating to a “strong-buy” rating and set a $92.00 target price for the company in a 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 target on the stock in a research report on Monday, December 16th. JPMorgan Chase & Co. upgraded Trimble from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $74.00 to $92.00 in a report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and issued a $84.00 target price on shares of Trimble in a research note on Wednesday, December 11th. Finally, Sanford C. Bernstein increased their price objective on Trimble from $82.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Eight analysts have rated the stock with a buy rating and one has issued 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.