TRMB - Time to Buy This Cathie Wood Tech Stock on a Dip
2024-05-17 04:21:00 ET
Cathie Wood is a fan of workflow technology company Trimble (NASDAQ: TRMB) , a top 10 holding in her ARK Autonomous Technology & Robotics exchange-traded fund (ETF) and her ARK Space Exploration & Innovation ETF . Wood, a growth-focused investor, has good reason to like it because Trimble's combination of growth prospects in the construction, infrastructure, and agricultural industries and its transformational workflow software solutions for these stoic industries makes it a highly attractive stock to buy.
The company's stock weakened after the release of its first-quarter earnings, but it had nothing to do with the earnings themselves or management's guidance for the rest of the year. The earnings beat guidance and market expectations, and management reaffirmed its full-year guidance.
Instead, investors appear to have reacted negatively to a financial controls issue, which is delaying the release of a first-quarter Securities and Exchange Commission (SEC) filing and the issuance of an amended annual 2023 filing.
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Time to Buy This Cathie Wood Tech Stock on a Dip