Computershare Limited (ASX: CPU) shareholders, rejoice – the ASX 200 tech stock’s share price has surpassed its all-time high three times this week.
Making its latest moves even more impressive, the financial services company has been silent for more than a month.
The Computershare share price blew past the $24 mark for the first time ever on Tuesday, hitting $24.05 in intraday trade.
It surpassed that point on Wednesday when it reached $24.20. And, finally, it broke its still-shiny record once more during yesterday’s session, hitting $24.35 before slipping into the red.
As of Thursday’s close, the Computershare share price was $24.05, 5.5% higher than it was at the end of last week.
So, what’s been driving the share registry provider’s stock lately? Let’s take a look.
What’s boosting this ASX 200 tech share to new heights?
The Computershare share price is launching higher this week despite the company’s silence. However, it’s not alone in its gains.
Over the course of this week so far, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has been outperforming the broader S&P/ASX 200 Index (ASX: XJO).
The former has gained 3.89% since last Friday’s close, while the latter is up 1.27%.
Fortunately, Computershare dodged much of the tech sector’s struggles earlier this year.
While the ASX 200 Info Tech index tumbled around 21% between the start of 2022 and the end of February, the Computershare share price recorded a 6% gain.
Its strong performance could have been due to expectations the company could benefit from rising interest rates, unlike most tech stocks.
T. Rowe Price head of Australian equities, Randal Janneke, noted his belief that the company would perform well in a high inflationary environment last month.
Additionally, the company’s first-half results, released in February, detailed a 4.6% increase in revenue and a 16.7% boost to earnings before interest and tax, excluding margin income.
Computershare share price snapshot
It likely goes without saying that 2022 has been good to the Computershare share price.
So far this year the company’s stock has gained 18%. It’s also 61% higher than it was this time last year.
The post This ASX 200 tech share has inked 3 all-time highs this week appeared first on The Motley Fool Australia.
Should you invest $1,000 in Computershare right now?
Before you consider Computershare, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Computershare wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- 3 ASX All Ordinaries shares smashing 52-week highs on Wednesday
- 3 ASX 200 shares smashing multi-year highs on Tuesday
- 2 compelling blue chip ASX shares to buy: top fund manager
- 4 ASX shares that love rising interest rates: report
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/RqAYX4a
Leave a Reply