Goldman Sachs’ Top Growth Investors: 34 Stocks With The Highest Investment For Growth

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29. Trimble Inc. (NASDAQ:TRMB)

Growth Investment Ratio: 80%

Number of Hedge Fund Holders: 41

Trimble Inc. (NASDAQ:TRMB) is a hardware and software firm that serves the needs of the construction, mapping, and other industries. Since it primarily offers positioning products and services, the firm’s fate is dependent on the economy since it determines the performance of industries such as shipping. Trimble Inc. (NASDAQ:TRMB) benefits from the fact that most of its revenue is from margin-heavy subscription services. During the first three months of 2024, 63% of Trimble Inc. (NASDAQ:TRMB)’s revenue came from its subscription business. The firm’s third-quarter results also hinted at the potential pent-up momentum in the stock. Prior to the report, Trimble Inc. (NASDAQ:TRMB)’s shares had marked a modest 17.5% year-to-date gains. After the earnings, the stock shot up by 17.9% as the company’s subscription revenue grew by 10.7% to sit at $568 million. The revenue growth hinted at a recovery in Trimble Inc. (NASDAQ:TRMB)’s key markets of agriculture and transportation in the wake of interest rate cuts by the Federal Reserve.

Meridian Funds mentioned Trimble Inc. (NASDAQ:TRMB) in its Q2 2024 investor letter. Here is what the fund said:

Trimble Inc. (NASDAQ:TRMB) is a leading industrial technology company that provides hardware, software, and services primarily to the construction, geospatial, transportation, and agricultural industries. Over the last several years, Trimble has been transitioning toward a subscription-based, recurring revenue model. The stock fell in the quarter when its 10K filing was delayed due to an audit that called for additional documentation of internal controls. We don’t view the issue as material and the delay detracted from what otherwise was a very good quarter for its business and maintained our position in the company during the period.”

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