This ASX 200 tech stock is up almost 40% in 2023 and has just hit an all-time high

2023 has been a volatile but still overall positive year for ASX 200 shares and the S&P/ASX 200 Index (ASX: XJO). Year to date, the ASX 200 remains up by a healthy 6.13%, thanks mostly to the convincing rally it has enjoyed over the past month or so.

But let’s talk about one ASX 200 tech stock that has smashed the broader market by more than six-fold.

It’s WiseTech Global Ltd (ASX: WTC), yes, the company that put the W in WAAAX back when that was a thing.

Unlike its old WAAAX peers, the WiseTech share price has gone from strength to strength this year so far, as you can see below:

Yes, WiseTech started 2023 at $49.17 a share. But today, the company closed at $67.86, up 1.15% at the end of trading today. That puts this logistics company at a year-to-date gain of 38%. Not bad for three-and-a-half months.

WiseTech shareholders clearly don’t need too much more good news. But they’ve got it anyway. In addition to these stellar gains over 2023 so far, WiseTech has, just today, hit a fresh new all-time record high. Just before midday, the WiseTech Global share price touched $68.89 a share – the company’s new high watermark.

Why is ASX 200 tech stock WiseTech at a new record high today?

There hasn’t been much news out of WiseTech that might explain why investors have sent the company up to a new record high today. However, WiseTech did report some very impressive numbers back in its half-year earnings announcement in February.

As we covered at the time, WiseTech posted revenue growth of 35%, while underlying net profits after tax (NPAT) surged 40% to $108.5 million.

That might be more than enough to give investors some long-term optimism here.

But WiseTech has also been the recipient of some love from ASX brokers recently too. Just last week, we covered ASX broker Ord Minnet’s views on the logistics company.

Ord Minnet recently gave WiseTech an accumulate rating, with a 12-month share price target of $90. If that came to pass, it would mean another 32.7% in upside from the current levels. So that also might be driving investors towards buying WiseTech shares right now.

Overall, it has been a phenomenal year for the WiseTech share price and one that has no doubt delighted shareholders. Let’s see where this ASX 200 tech stock is headed next.

 

The post This ASX 200 tech stock is up almost 40% in 2023 and has just hit an all-time high appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. 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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