These fast-growing tech shares just raced to record highs

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.

Finally, here are three more exciting tech shares with strong growth prospects.

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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.

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