Although the market has had a few wobbles recently, it hasn't stopped a number of shares from charging higher.
Three shares that have just hit 52-week highs or better are listed below. Is it too late to invest?
The Altium Limited (ASX: ALU) share price continued its strong run on Wednesday and hit an all-time high of $35.00. The design software company's shares have been on fire since the release of its half year results in February. Thanks to its exposure to an Internet of Things market which is growing at an explosive rate, Altium posted half year revenue growth of 26% to US$78 million and profit after tax growth of 58% to $23.4 million. Management also revealed an aspirational revenue target of US$500 million by 2025, which is a 150% increase on the company's revenue target for FY 2020. Given its long runway for growth and the quality of its products, I think Altium is a great buy and hold option even at this level.
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 performance 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 ARR of $143 million by FY 2022. If it achieves this then it could be a very rewarding long-term investment.
The Zip Co Ltd (ASX: Z1P) share price climbed 4% to an all-time high of $1.87 on Wednesday. Investors have been fighting to get hold of the payments company's shares since the release of a strong half year result last month. In the first half Zip posted a 114% increase in revenue to a record $34.2 million thanks to record transaction volume of $495.2 million. This was more than double the prior corresponding period. Cash EBTDA was positive a $2.4 million during the half, compared to a net outflow of $7.7 million a year earlier. This strong form allowed the company to raise $42.8 million through an oversubscribed placement at $1.53 per share last week. The capital raising will provide a stronger balance sheet to capitalise on growth opportunities, both organic and inorganic. I think Zip is worth considering even after its strong run.
