The Computershare Limited (ASX: CPU) share price has been on fire this month.
Since trading closed on January 31, it has soared almost 17%. Much of this gain has come on the back of the company’s half-year results, which were released after the market closed on Tuesday.
In fact, the stock transfer company’s shares hit an all-time high of $23.17 during early morning trade today. They ended the day fetching $22.78 apiece, up 2.75%. That follows an 11.24% gain yesterday.
The share price rise comes amid a wider sell-off in the ASX technology sector over recent weeks.
Computershare delivers a positive set of results
The Computershare share price has been surging since the company reported strong numbers for H1 FY22.
For the six months ending 31 December, the company achieved a 4.6% increase in management revenue to US$1.2 billion. This came from growth in register maintenance, governance services, and employee share plans.
Computershare noted that bankruptcy and class actions in the US mortgage services sector remain subdued due to macro challenges.
Looking at the other metrics, management earnings before interest and tax (EBIT), excluding margin income, surged 16.7% to US$157.8 million.
Management earnings per share (EPS) rose 4.5% to 22.76 US cents.
Additionally, the board declared an interim dividend of 24 Australian cents per share, up 4.3% over the prior corresponding period.
No doubt, the robust performance led the Computershare share price to accelerate yesterday and continue its run today.
Helping support this ascent, a group of brokers weighed in on the back of the company’s results.
The team at UBS raised its 12-month price target by 11% to $25.00 for Computershare shares. This was followed by Morgan Stanley which also bumped up its outlook on the company by 16% to $25.00.
Based on the current share price, this implies a potential upside of roughly 10% for investors.
In addition, analysts at Morgans lifted their assessment by 16% to $23.92 for Computershare shares.
Computershare share price snapshot
The Computershare share price has rocketed by 58% since this time last year. It is also up around 14% this year to date.
At today’s price, Computershare commands a market capitalisation of around $13.38 billion.
The post What tech sell-off? This ASX 200 share is smashing new, all-time highs appeared first on The Motley Fool Australia.
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More reading
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- Computershare (ASX:CPU) share price jumps 12% after strong half and guidance upgrade
- Are ASX tech shares ‘yesterday’s growth spot’?
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