Is it too late to buy Xero and these high-flying ASX shares?

Breville Group Ltd (ASX:BRG), Bubs Australia Ltd (ASX:BUB), and Xero Limited (ASX:XRO) shares raced to all-time highs on Tuesday. Is it too late to invest?

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On Tuesday the S&P/ASX 200 Index returned from the Easter break and raced to an eight-month high. The benchmark index finished the day 0.95% higher at 6,319.4 points.

Unsurprisingly, with the market in fine form, a large number of ASX shares stormed higher. Three that climbed to all-time highs are listed below. Is it too late to buy these high-flying ASX shares?

The Breville Group Ltd (ASX: BRG) share price continued its fine form and hit an all-time high of $18.20 on Tuesday. Investors have been fighting to get hold of Breville's shares since the release of an impressive half year result in February. In the first half Breville posted a 15.4% increase in revenue to $440.4 million and a 19.7% increase in net profit after tax to $43.5 million thanks to its well-controlled inventory, strong growth from both its Global Product and Distribution segments, and successful geographic expansion. Although I'm a big fan of the company, I feel its shares are a little on the expensive side now at 34x estimated full year earnings.

The Bubs Australia Ltd (ASX: BUB) share price rocketed 14% higher to finish the day at a new high of 99 cents. The goat milk infant formula company's shares raced higher after it announced the completion of its Australia Deloraine Dairy acquisition and the $31.44million placement to C2 Capital Partners. Management believes this acquisition leaves Bubs well placed to advance its vision to be a leading player in the infant milk formula and infant nutritionals markets both at home and in China. But with its market capitalisation at around ~$400 million, it certainly has a lot to live up to. I'm sitting this one out until its sales justify its valuation.

The Xero Limited (ASX: XRO) share price hit an all-time high of $53.31 on Tuesday. As well as benefiting from a rally in tech stocks, the accounting software provider's shares were given a boost after reports suggested that Prime Minister Scott Morrison intends to announce a plan to create a $1 billion pubic private small business investment fund that could help create an additional 250,000 small businesses in Australia. Whilst its shares look fully valued now, I still believe it would be a great long-term option for investors.

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 Xero. The Motley Fool Australia has recommended BUBS AUST 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.

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