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Why Technology One and these ASX tech shares hit multi-year highs today

Although the market has dropped lower on Monday, a number of shares have managed to push higher.

In fact, a few shares have even managed to climb to 52-week highs or better. Three that reached this milestone are listed below, here’s why they are flying high:

The Megaport Ltd (ASX: MP1) share price continued its strong run and hit an all-time high of $5.68. Last week the provider of elastic interconnection services across data centres globally provided a strong third quarter global update. That update revealed that Megaport experienced a 7% quarter on quarter increase in customer numbers to 1,367 and an 8% quarter on quarter lift in revenue to $8.96 million. This ultimately led to the fast-growing company finishing the period with a 15% increase in its monthly recurring revenue (MRR) to $3.11 million.

The Rhipe Ltd (ASX: RHP) share price raced 9.5% higher to a multi-year high of $2.43 this afternoon. Whilst today’s gain appears to have been driven by a change of director’s interest notice which revealed a spot of insider buying, Rhipe’s shares have been on a strong run since the release of its half year results in February. In the first half the company posted a 30% increase in sales and gross profit and a whopping 181% lift in net profit after tax. Pleasingly, the cloud channel company expects more of the same in the second half and provided a positive outlook for the full year.

The Technology One Limited (ASX: TNE) share price rose to an all-time high of $8.75 on Monday. When it reached that level the software company’s shares stretched their year to date gain to an impressive 45%. Investors have been buying its shares due to the strong long term growth potential of its SaaS Platform business. This business grew is annual recurring revenues (ARR) by 41% to $38 million in FY 2018. Pleasingly, management expects this strong growth to continue for some time to come and has forecast SaaS Platform ARR of $143 million by FY 2022.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT 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 Scott Phillips.