Why Sezzle and these ASX tech shares just hit record highs

Sezzle Inc (ASX:SZL) and these ASX tech shares have just hit record highs. Here's why they are flying high in 2020…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Although the market was out of form last week, it didn't stop some ASX shares from charging higher.

In fact, some even managed to climb to new highs on Friday despite the market weakness.

Three ASX shares that achieved this milestone are listed below. Here's why they are on a high right now:

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price hit a record high of $1.50 on Friday. Investors were buying the integrated workplace management solutions provider's shares last week after it announced a takeover offer for Vault Intelligence Ltd (ASX: VLT). Management notes that the two companies have highly complementary product sets and respective client bases. This is expected to lead to synergies of $4 million within 12 months of the acquisition. And on the top line, the merged group will have pro-forma revenue and other income of $33 million to $35 million.

Sezzle Inc (ASX: SZL)

The Sezzle share price rocketed to a record high of $8.25 last week before being placed into a trading halt. The catalyst for this was the buy now pay later provider's second quarter update. During the quarter, Sezzle's underlying merchant sales came in at US$188 million (A$272.3 million). This represents a 58% quarter on quarter increase and a 349% year on year increase. This strong performance was driven by stellar growth in active customers, active merchants, and repeat usage. Late in the week Sezzle took advantage of its share price rise to undertake a $86.3 million (US$60 million) capital raising. These funds will be used to accelerate its growth strategy and strengthen its balance sheet.

Xero Limited (ASX: XRO)

The Xero share price continued its positive run and hit a record high of $94.31 on Friday. The business and accounting software provider's shares have been in demand with investors this year thanks to its strong FY 2020 result. During the 12 months, Xero posted a 30% increase in operating revenue to NZ$718.2 million and a 29% jump in annualised monthly recurring revenue to NZ$820.6 million. Based on its strong share price form since the release, investors appear confident there will be more of the same over the coming years.

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 Damstra Holdings Ltd and Xero. The Motley Fool Australia has recommended Damstra Holdings Ltd and Sezzle Inc. 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.

More on Record Highs

Sport trainer talking to little girl who is climbing wooden ladder in gym.
Record Highs

9,200 points: ASX 200 hits fresh new record high

It's another day, another record high for the ASX.

Read more »

a person stands arms outstretched on the top of a mountain with a beautiful sunrise in the sky
Record Highs

Huge news: ASX 200 hits new record high

It's a massive day for ASX 200 investors.

Read more »

A beautiful ocean vista is shown with a woman whose back is to the camera holding her arms up in triumph as she stands at the top of a rock feeling thrilled that ASX 200 shares are reaching multi-year high prices today
52-Week Highs

5 ASX 200 stocks including NAB, Woodside and BHP shares charging to new 52-week plus highs today

Investors just sent NAB, BHP, Woodside and these two top ASX 200 stocks to new multi-year highs. But why?

Read more »

Miner holding cash which represents dividends.
Record Highs

Big ASX news: BHP shares hit new $55 record high

It's not often that a 175-year-old stock cracks a new record high.

Read more »

a man in a hard hat and high visibility vest smiles as he stands in the foreground of heavy mining equipment on a mine site.
Record Highs

BHP share price cracks new all-time high

BHP has been listed for more than 140 years, so this is a bit of a deal.

Read more »

A beautiful ocean vista is shown with a woman whose back is to the camera holding her arms up in triumph as she stands at the top of a rock feeling thrilled that ASX 200 shares are reaching multi-year high prices today
Record Highs

Big ASX news! Rio Tinto share price leaping to all-time highs today

ASX investors are sending Rio Tinto shares to new record highs on Monday. But why?

Read more »

A beautiful ocean vista is shown with a woman whose back is to the camera holding her arms up in triumph as she stands at the top of a rock feeling thrilled that ASX 200 shares are reaching multi-year high prices today
Record Highs

Guess which ASX 200 gold stock is surging to an all-time high on strong results

Investors are piling into this $4.3 billion ASX 200 gold miner today. But why?

Read more »

A man in a hard hat gives a thumbs up as he holds a clipboard in one hand against a blue sky background.
Record Highs

Own Rio Tinto shares? They just hit a new record high

Rio has gotten off to a good start in 2026.

Read more »