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Why Megaport and these ASX small cap tech shares just hit all-time highs

Although the market dropped notably lower on Wednesday, this didn’t stop a number of shares from racing higher.

Three small cap tech shares which managed to climb to all-time highs are listed below. Here’s why they are on form right now:

The Audinate (ASX: AD8) share price hit an all-time high of $7.68 on Wednesday. This brought its year to date gain to a massive 115%. Investors have been buying the shares of the leading provider of digital audio-visual networking technologies due to the success of its Dante audio over IP networking solution. Dante is an uncompressed, multi-channel digital media networking technology, with near-zero latency and synchronisation which has quickly become the industry’s preferred audio networking solution. Growing demand has led to strong sales growth in FY 2019 and appears to have caught the eye of UBS. A note out of the investment bank yesterday revealed that they have slapped a buy rating and $9.45 price target on the company’s shares.

The Megaport Ltd (ASX: MP1) share price pushed higher once again and hit an all-time high of $6.11 yesterday. Its shares have been on fire over the last 12 months thanks to the release of a series of positive updates. Most recently the provider of elastic interconnection services across data centres globally released its third quarter global update which revealed 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. With the cloud computing boom continuing to accelerate, the market appears confident that Megaport is well-placed to continue growing strongly for many years to come.

The Serko Ltd (ASX: SKO) share price hit a new high of $3.61 on Wednesday. The leading online travel booking and expense management provider has caught the eye in FY 2019 thanks to another stellar performance. Last week the company released its full year results and revealed a 28% increase in total operating revenue to $23.4 million. In addition to this, the market appeared to be pleased with management’s guidance for the year ahead. It seems confident that demand for its offering will remain strong and expects total operating revenue growth in the range of 20% and 40% in FY 2020.

Missed these gains? Then don't miss these exciting tech shares which have been tipped as market-beaters.

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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 owns shares of and has recommended AUDINATEGL FPO. The Motley Fool Australia has recommended MEGAPORT FPO and Serko Ltd. 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.

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