These 3 ASX shares just stormed to new 52-week highs: Will they go higher?

The WiseTech Global Ltd (ASX:WTC) share price is one of three that stormed to a new 52-week high yesterday. Is it too late to invest?

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Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen around 2.5% in May, that hasn't stopped a number of shares from storming to new 52-week highs.

Here are three which caught my eye:

The Elders Ltd (ASX: ELD) share price hit an all-time high of $4.85 on Monday. Investors have been piling into the agricultural company following last week's impressive half-year result. Thanks to improved seasonal conditions and geographical growth Elders reported a massive 56% increase in half-year profit to $38 million. I've been very impressed with the company's turnaround and think it could be worth taking a closer look at today.

Although it finished the day flat, at one stage the Fairfax Media Limited (ASX: FXJ) share price reached a 52-week high of $1.26 yesterday. Judging by the current share price, investors appear to expect the TPG Group consortium to come back with a better takeover offer. At present the best offer on the table from Hellman & Friedman LLC values the company between $1.225 and $1.25 per share in cash. I would keep away from Fairfax for the time being. While both parties have been granted due diligence, there is no guarantee that a takeover will go ahead.

The WiseTech Global Ltd (ASX: WTC) share price stormed to an all-time high of $7.20 on Monday. The software-as-a-service provider for the logistics industry received a boost yesterday after UBS named it as one of its next big growth shares. Although its shares do trade on a very high earnings multiple, I do believe its current growth prospects justify the premium. Especially when you consider the stickiness of its platform and its growing popularity. This could make it a great buy and hold investment option in my opinion.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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.

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