The share price of construction collaboration services provider Aconex Ltd (ASX: ACX) has once again surged higher in early trading, this time by a huge 10% to a new all time high of $7.08. Whilst today’s gain brings its 12-month return to a massive 120%, I still believe it could have higher to run.

Although there was no news out of the company today, its CEO Leigh Jasper has been speaking about the opportunities in construction tech software at the Construction Technology Summit 2016 this morning.

This may be part of the reason why according to Dow Jones Newswires, Morgan Stanley has increased its price target on Aconex by 49% to $10. Analysts at the investment bank have stated their belief that the company has one of the most disruptive and scalable models around today.

I would have to agree with this view and feel its software is fast becoming an indispensable part of the construction industry. According to a recent investor presentation, management stated that it can transform the way project teams work together to make the process fairer, easier, and more efficient for everyone.

By making the process more efficient, it believes it can accelerate the pace of product delivery and help build five hospitals for the price of four.

It will therefore come as little surprise to learn that Aconex’s services are in strong demand. Aconex has over 60,000 user organisations which have delivered $1 trillion worth of project value across 70 countries.

I think the recent acquisition of German cloud and mobile collaboration service provider Conject Holding GmbH should prove to be an astute move. Management sees the acquisition as a way of extending its market leadership in Europe, by strengthening its customer base in Germany, France, and the UK.

As well as this, some of Conject’s products will provide Aconex with upsell opportunities that not only add value for the client, but give its top line a boost as well.

Today’s gain now means that Aconex’s shares are changing hands at a massive 127x estimated FY 2016 earnings. Although this is clearly an incredibly high earnings multiple compared to the the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), as far as I am concerned it is worth paying a premium for because of its fantastic growth prospects.

The price target that Morgan Stanley has placed on the company implies further upside of 42%. Whether or not it will reach that level only time will tell, but I must admit I wouldn’t be surprised to see it break through that mark.

It is worth remembering though that growth shares such as Aconex and Domino’s Pizza Enterprises Ltd. (ASX: DMP) are at risk of sharp declines if they fail to live up to the high expectations of the market. So please bear that in mind before making an investment.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.