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.
