Trimble Inc. (TRMB - Free Report) continues to make advances in the agricultural sector in order to gain further momentum among farmers.
In sync with its strategy, the company unveiled Farmer Core, a software which aids in automatic synchronization among guidance lines, field names, boundaries, landmarks and operator information across Trimble Ag Software and Trimble displays by leveraging AutoSync feature.
Notably, this feature reduces the probability of human error by eliminating the need for manual sharing of data. This enhances the process of farm record integration.
With these robust features of the new software, Trimble facilitates seamless connection across various divisions of farm operation. The new product is likely to enhance the company’s key offerings which in turn are likely to deliver better farming experience.
Consequently, this is likely to expand customer base which will drive the top line.
Coming to the price performance, shares of Trimble have gained 17.6% over a year, outperforming the industry’s growth of 6.8%.
Farm Management Space Holds a Promise
Farmer Core aids farmers in simplifying their farm setup and streamlining farm operations. Further, they can create proof-of-placement report with the support of this software which helps in maintaining consistency of precision ag data and tracking expenditures across fields.
All these will help farmers in managing their farming activities and records properly.
This in turn will aid Trimble in reaping benefits from the global farm management software market which as per a report from Mordor Intelligence, is expected to witness a CAGR of 17.2% between 2018 and 2023.
Growing Agriculture Business
The latest launch bodes well for Trimble’s increased focus on strengthening footprint in the agricultural sector on the back of its expanding farm software portfolio.
We believe Farmer Core is likely to be a strong addition to the company’s Trimble Connected Farm solution which enables farmers to conduct the critical farm work efficiently.
Apart from the new software, the company also offers two other software – Farmer Fit and Farmer Pro which also aids in agricultural management by letting growers work with precision ag data in real time.
Additionally, the company recently introduced MagGrow as Trimble Select Partner for agriculture. Per the deal, MagGrow’s innovative spraying technology will now be operable via Trimble’s distribution networks.
All these strong endeavors will continue to aid the performance of Trimble’s Resources and Utilities business segment.
Zacks Rank & Stocks to Consider
Currently, Trimble carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader technology sector are Garmin (GRMN - Free Report) , Square (SQ - Free Report) and Universal Electronics (UEIC - Free Report) . While Garmin sports a Zacks Rank #1 (Strong Buy), Square and Universal Electronics carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term expected earnings growth rate for Garmin, Square and Universal Electronics is currently pegged at 7.35%, 25% and 15%, respectively.
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