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:
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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.
