Rising tech and banking stocks pushed the markets to fresh highs on Monday, though the Nasdaq stalled on Tuesday, dipping by 0.38%, being led downward by the disappointing quarterly subscription numbers out of Netflix Inc. (NASDAQ:NFLX).
Nonetheless, several important Nasdaq stocks have hit their 52-week high this week, including ARI Network Services, Inc. (NASDAQ:ARIS), Acacia Communications, Inc. (NASDAQ:ACIA), BroadSoft Inc (NASDAQ:BSFT), CDK Global Inc (NASDAQ:CDK), Carmike Cinemas, Inc. (NASDAQ:CKEC), Dollar Tree, Inc. (NASDAQ:DLTR), Garmin Ltd. (NASDAQ:GRMN), Match Group Inc (NASDAQ:MTCH), Texas Instruments Incorporated (NASDAQ:TXN), and Zillow Group, Inc.- Class C (NASDAQ:Z). We’ll take a look at performance of all of these stocks in this article.
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ARI Network Services, Inc. (NASDAQ:ARIS)’s stock soared to its 52-week high of $5.47 early Monday before quickly retreating back to the $5.30-level, where it remained throughout Tuesday. The stock has a ‘Buy’ rating and a $6 price target on it by analysts at Ascendiant Capital Markets. Just two hedge funds in our database owned shares of ARI Network Services, Inc. (NASDAQ:ARIS) at the end of the first quarter.
Acacia Communications, Inc. (NASDAQ:ACIA) surged to its 52-week high $60.90 on Tuesday, gaining 2.87% during the day’s session. Last week, Deutsche Bank reiterated its ‘Buy’ rating on the Massachusetts-based cable company, and hiked its price target on it to $60 from $50, which the stock has quickly surpassed. Shares have gained 14% in the last five trading sessions.
BroadSoft Inc (NASDAQ:BSFT) has also enjoyed a strong week, surging by over 7% in the last five sessions to reach its one-year high of $46.46 on Tuesday. The company is expected to announce its second quarter results on August 1. A total of 16 hedge funds in our database of nearly 766 active funds held about $106.3 million worth of positions in BroadSoft Inc (NASDAQ:BSFT) as of March 31.
CDK Global Inc (NASDAQ:CDK) soared out of the gate on Monday, reaching its 52-week high of $58.93 before sliding back down to the $58-mark. Last month, JP Morgan upgraded the company to ‘Neutral’, but only has a price target of $49 on it. 41 hedge funds tracked by Insider Monkey were bullish on CDK Global Inc (NASDAQ:CDK) at the end of the first quarter, up from 34 funds a quarter earlier.
Carmike Cinemas, Inc. (NASDAQ:CKEC) hit its 52-week high of $31.89 on Monday, but dipped by 0.63% on Tuesday. Last week, the company postponed its shareholder meeting that was scheduled to vote on its proposed $1.1 billion sale to AMC following reports that AMC was considering sweetening its $30 per share offer, which prompted shares to surge higher. Carmike Cinemas has scheduled the next vote for July 25. 26 hedge funds in our system were long Carmike Cinemas, Inc. (NASDAQ:CKEC) at the end of March.
We’ll continue the discussion with five more Nasdaq stocks that touched their yearly highs this week on the next page.