5 High Growth NASDAQ Stocks That Are Profitable

2. DexCom, Inc. (NASDAQ:DXCM)

Number of Hedge Fund Investors: 78

Glucose monitoring systems company DexCom, Inc. (NASDAQ:DXCM) is one of the best high-growth NASDAQ stocks to buy according to hedge funds.

Out of the 910 hedge funds tracked by Insider Monkey, 78 hedge funds had stakes in DexCom, Inc. (NASDAQ:DXCM). The most significant stake in DexCom, Inc. (NASDAQ:DXCM) is owned by Israel Englander’s Millennium Management which owns a $259 million stake in DexCom, Inc. (NASDAQ:DXCM).

In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding DexCom, Inc. (NASDAQ:DXCM):

“Evolving our fundamental research and portfolio monitoring process to promote better ongoing collaboration with ClearBridge’s Sector Analyst Team has enabled us to identify opportunities and risks more efficiently and take decisive actions in a timely manner. We exited our position in DexCom, Inc. (NASDAQ:DXCM), for example, during the quarter by looking past the broadly negative noise about GLP-1 impacts on medical devices and understanding that our assumptions about DexCom’s long-term growth rate, particularly in the Type-2 diabetes market, now seem more aggressive than we had previously thought.”