WESTMINSTER, Colo. – Trimble Inc. (NASDAQ: TRMB), a company specializing in positioning, modeling, and data analytics technologies, has received a notification from Nasdaq regarding a compliance deficiency.
The Nasdaq Listing Qualifications Staff issued a letter to Trimble on Monday, indicating that the company failed to file its quarterly report on time, which is a breach of Nasdaq Listing Rule 5250(c)(1).
The report in question is for the period ended March 29, 2024, and Trimble had previously disclosed the delay in a Form 12b-25 filed with the Securities and Exchange Commission (SEC) on May 8, 2024. The company also addressed the delay in a Current Report on Form 8-K filed on May 3, 2024. According to the filings, the delay is due to an ongoing assessment that the company is diligently working to complete.
The notice from Nasdaq does not immediately affect the trading of Trimble's common stock on the Nasdaq Global Select Market. Trimble has been given 60 days from the receipt of the notice to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 days from the original due date of the report for the company to achieve compliance, potentially until November 11, 2024.
Trimble has expressed its intention to comply with Nasdaq's listing rules as quickly as possible. The company's efforts to finalize the assessment and file the required Form 10-Q are ongoing.
The press release also contains forward-looking statements regarding the expected completion of the assessment and the filing of the Form 10-Q, as well as the company's plans to meet Nasdaq's listing requirements. These statements are subject to risks and uncertainties that could cause actual outcomes to differ materially from what is projected.
Trimble is known for its work in connecting the digital and physical worlds, enhancing productivity, quality, safety, transparency, and sustainability for its customers. The information in this article is based on a press release statement from Trimble.
InvestingPro Insights
As Trimble Inc. (NASDAQ: TRMB) navigates through its current compliance challenges with Nasdaq, it's important for investors to consider the company's financial health and market performance. According to real-time data from InvestingPro, Trimble has a market capitalization of approximately $13.98 billion, reflecting its significant size within the technology sector.
The company's P/E ratio stands at 59.42, which may suggest a high earnings multiple when compared to industry peers. This is further emphasized by an adjusted P/E ratio for the last twelve months as of Q1 2024, which is at 41.45.
InvestingPro Tips highlight that although analysts have recently revised their earnings expectations downwards for Trimble, the company has been profitable over the last twelve months and is expected to maintain profitability this year.
Moreover, Trimble has seen a large price uptick of 32.13% over the last six months, indicating a strong market performance in the recent past. Still, it is also noted that the stock does not pay a dividend to shareholders, which could be a consideration for income-focused investors.
For those looking to delve deeper into Trimble's financial metrics and stock performance, InvestingPro offers additional insights and tips. Currently, there are 9 more InvestingPro Tips available that can provide a more nuanced understanding of Trimble's valuation and market behavior. To explore these further, investors can visit https://www.investing.com/pro/TRMB. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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