Bigtincan Holdings Ltd (ASX:BTH) and Temple & Webster Group Ltd (ASX:TPW) are two ASX tech shares scaling new heights today…
The post Why these ASX tech shares just hit record highs appeared first on Motley Fool Australia. –
The tech sector has been in fine form on Tuesday and is charging notably higher.
So much so, the S&P/ASX All Technology Index (ASX: XTX) is storming 1.8% higher in afternoon trade.
This is despite the benchmark S&P/ASX 200 Index (ASX: XJO) trading roughly flat.
Two tech shares that have really caught the eye on Tuesday are listed below. Here’s why they have just hit record high:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price surged higher and hit a record high of $1.44 earlier today. When the AI-powered sales enablement automation platform provider’s shares hit that level, it meant they were up exactly 100% since the start of the year. Investors have been fighting to get hold of Bigtincan’s shares this year due to its very strong performance in FY 2020 despite the pandemic.
For the 12 months ended 30 June 2020, Bigtincan reported revenue growth of 56% to $31 million and annualised recurring revenue (ARR) growth of 53% to $35.8 million. Pleasingly, management is confident there will be more of the same in FY 2021. It provided ARR growth guidance of 36.9% to 48% year on year. I’m a very big fan of Bigtincan (but not its name!) and believe it would be a great long term option for investors.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has continued its incredible run and reached a new all-time high of $12.06 today. This online furniture and homewares retailer’s shares have now risen a staggering 355% since the start of the year.
As with Bigtincan, the catalyst for this has been its very strong performance this year despite the pandemic. The acceleration in the shift to online shopping this year led to Temple & Webster recording a 74% increase in revenue to $176.3 million in FY 2020. Things were even better for its operating earnings, which increased year on year from $1.5 million to $8.5 million. Pleasingly, its strong growth has continued early in FY 2021, putting the company in a position to deliver another impressive result next year.
Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
- 2 ASX tech shares I’d buy with $10,000
- Could these small cap ASX shares be the next Afterpay (ASX:APT) or Zip (ASX:Z1P)?
- 3 quality small cap ASX shares with very strong growth potential
- 4 unstoppable ASX shares to buy with $4,000
- 3 ASX tech shares that could take off in FY21
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 and recommends BIGTINCAN FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia has recommended BIGTINCAN FPO and Temple & Webster Group 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.