With the market returning to form again on Monday, it will come as no surprise to learn that a large number of shares pushed higher.
Three in the tech sector that not only pushed higher, but hit all-time highs yesterday are listed below. Should you invest?
The Audinate (ASX: AD8) share price stormed to an all-time high of $5.77 on Monday. This latest gain means the company's shares have now rallied a massive 77% since this time last year. Investors have been fighting to get hold of Audinate's shares due to the company's strong revenue growth which has been driven by the success of its award-winning Dante audio over IP networking solution. Due to strong demand across the world in the professional live sound, commercial installation, broadcast, public address, and recording industries, Audinate reported a 60% increase in half year revenue to $14.2 million in the first half of FY 2019. Whilst I'm a big fan of the company, I feel its shares are starting to look a touch overvalued now.
The Bravura Solutions Ltd (ASX: BVS) share price climbed to a new all-time high of $5.72 yesterday. The provider of software products and services to the wealth management and funds administration industries has caught the eye of investors this year after the release of another impressive result. In the first half of FY 2019 Bravura posted a 24% increase in half year revenue to $127.4 million and a 28% lift in EBITDA to $23.8 million. The Sonata wealth management product was once again a key driver of growth. And thanks to the quality of the platform and its sizeable market opportunity, I expect this to continue for many years to come. This could make Bravura a great long-term option for growth investors.
The Technology One Limited (ASX: TNE) share price continued its strong run and hit an all-time high of $8.00 on Monday. After a couple of mixed years, investors appear to have been impressed with the company's return to form in FY 2018. Particularly with its SaaS business and the growth of its annual recurring revenues (ARR). At the end of the period the company had 347 enterprise customers on its SaaS platform, compared to 270 customers in the prior corresponding period. This helped generate $38.1 million in ARR in FY 2018, up 41% on FY 2017's result. Pleasingly, management expects this strong growth to continue and believes it is on a path to achieve ARR of $143 million by FY 2022. If it achieves this then it could be a very rewarding long term investment.
