These fast-growing tech shares just raced to record highs

The ELMO Software Ltd (ASX:ELO) share price is one of two in the tech sector racing to a record high today…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Although the market is only marginally higher today, a good number of shares have pushed higher and reached 52-week highs.

Two fast-growing tech shares that were on the move today are listed below. Here's why they have raced to record highs:

The ELMO Software Ltd (ASX: ELO) share price climbed to a record high of $4.32 on Thursday. This meant that the cloud-based talent management software solutions company's shares have rallied an impressive 116% since listing on the Australian share market at $2.00 per share in June.

Investors have been fighting to get hold of ELMO's shares due to its strong performance in FY 2017. Pro forma full-year revenue came in at $17 million, up 26% year-on-year and 4% ahead of its prospectus forecast. Pro forma EBITDA was even stronger at $1.2 million, a massive 42% ahead of its forecasts. Management has provided very bullish guidance for FY 2018, making it well worth taking a closer look today.

Although the LiveHire Ltd (ASX: LVH) share price has faded as the day goes on, at one stage the talent technology company's shares were up 3.5% to a record high of $1.43. Investors continue to believe that LiveHire has a bright future in the recruitment industry.

LiveHire's platform has been growing in popularity due to the efficiencies it offers users. The platform allows its users to create a pool of pre-qualified job candidates that they can access when they need to recruit, saving recruiters both time and money. Management estimates that the global market is worth $20 billion per annum. I think it'll be one to watch this year, but may need to start generating revenues that justify its market valuation.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ELMOSFTWRE FPO. 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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »