After a sluggish start to the trading week, stocks turned a corner on Tuesday afternoon and started to surge higher. That momentum continued on Wednesday, and the major indices were all in the green by the end of morning trading hours.
August has proven to be one of the few challenging months in what has been a pretty solid year on the stock market, but nevertheless, several notable companies are still moving towards new peaks.
In fact, according to Barchart.com, 42 different stocks hit new all-time highs on Wednesday morning. Of these, a handful are also currently sporting strong Zacks Ranks, which means they could be poised to move even higher in the coming months.
Check out these seven buy-ranked stocks that just hit all-time highs today:
1. Alarm.com (ALRM - Free Report)
After quickly recovering from a brief morning dip, shares of Alarm.com moved about 1% higher to touch a new all-time high of $45.90. The company is a leading provider of interactive security solutions for home and business owners and has seen its stock soar more than 60% year-to-date. Alarm.com is currently a Zacks Rank #2 (Buy) and holds an “A” grade for Growth in our Style Scores system.
2. Arista Networks (ANET - Free Report)
Arista Networks shares were up an impressive 1.6% through morning trading hours, and the stock briefly touched a new all-time high of $176.90 per share in the process. Arista is a provider of cloud networking solutions for datacenters, and it has benefitted greatly from increased activity in this space. The stock is up over 70% so far this year and currently holds a Zacks Rank #1 (Strong Buy).
3. Aerovironment (AVAV - Free Report)
After the company posted a narrower-than-expected quarterly loss on Tuesday afternoon, shares of Aerovironment are skyrocketing on Wednesday. The stock was up nearly 17% through morning hours and reached a new all-time high of $47.03 per share earlier today. Aerovironment is currently sporting a Zacks Rank #2 (Buy) and an “A” grade for Momentum. What’s more, Aerovironment could soon see positive estimate revisions given its latest results.
4. Alteryx (AYX - Free Report)
Shares of data analytics software developer Alteryx gained more than 4.3% in morning trading Wednesday, sending the stock to a new all-time high of $24.07 per share. The company made its market debut in late March, and since then, it has been steadily climbing. In fact, the stock has surged about 54% since it IPO. Alteryx currently holds a Zacks Rank #2 (Buy).
5. Caterpillar (CAT - Free Report)
Caterpillar has had a nice of trading after the company scored a massive new U.S. government contract. Shares of the construction equipment maker gained more than 0.75% and touched a new all-time high of $117.00 in morning trading. Caterpillar, which has undergone significant cost-cutting initiatives recently, is sporting a Zacks Rank #1 (Strong Buy), as well as an overall VGM grade of “B.”
6. Corcept Therapeutics (CORT - Free Report)
Corcept is a pharmaceutical company with a focus on drugs that treat severe metabolic, psychiatric and oncologic disorders. The stock has moved nearly 4.9% higher today and touched a new all-time high of $15.98 per share. So far this year, Corcept shares are up more than 100%. The stock currently has a Zacks Rank #2 (Buy) and is also sporting “A” grades for Growth and Momentum.
7. Fox Factory Holding Corp. (FOXF - Free Report)
Shares of Fox Factory Holding have actually been soaring for the better part of the last two years, so it didn’t take much for the stock to touch a new all-time high today. The stock moved about 0.4% higher and hit a peak of $40.15 per share on Wednesday morning. The company has surpassed earnings estimates in 11 straight quarters and currently holds a Zacks Rank #2 (Buy).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
4 Surprising Tech Stocks to Keep an Eye On
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without.
More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really take off. See Stocks Now>>