3 ASX shares at all-time highs: Can they climb higher?

Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a day to forget on Thursday, it didn’t stop a number of shares from surging to all-time highs.

Three which caught my eye are listed below. Can they climb higher from here or should you stay clear of them?

The LiveHire Ltd (ASX: LVH) share price hit an all-time high of 62 cents on Thursday. Investors have been fighting to get hold of the exciting tech company’s shares since its last quarterly update which revealed a 75% quarter-on-quarter increase in cash receipts. Strong demand for its talent pool platform from the likes of Wesfarmers Ltd (ASX: WES) and UniSuper led to the impressive result. I believe LiveHire has a bright future and could still provide outsized long-term returns at the current share price.

The Transurban Group (ASX: TCL) share price hit an all-time high of $12.91 yesterday. The toll road giant’s shares have now gained close to 25% since the turn of the year. During the March quarter the company delivered an 11.3% jump in toll revenue to $502 million thanks largely to a 5.3% increase in average daily traffic. Whilst I am a big fan of the company and its lucrative road network, at 100x trailing earnings I think its shares are expensive and in danger of declines as rates rise in the United States and bond yields widen.

The Webjet Limited (ASX: WEB) share price soared to an all-time high of $12.86 on Thursday. The online travel agent’s shares have gone gangbusters in the last 12 months and provided investors with a 75% return. I can’t say I’m surprised by this gain. After all, strong bookings growth and market share gains from all its key businesses led to Webjet reporting a 96% jump in half-year net profit after tax. I still think Webjet would be a great buy and hold investment even after this strong gain.

If you like Transurban for its dividend then I would suggest you take a look at this high-yielding dividend share instead until the toll road operator's share price comes down to a more reasonable level.

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