The WiseTech Global Ltd (ASX: WTC) share price had a day to forget on Monday.
The logistics software platform provider's shares were down as much as 6.5% before closing the day almost 5% lower at $17.35.
This decline means that the WiseTech Global share price has now fallen close to 31% since peaking at $25.00 in August.
But it wasn't just WiseTech Global falling heavily today. The rest of the so-called WAAAX group of shares also fell heavily.
The Afterpay Touch Group Ltd (ASX: APT) share price dropped 5.7%, the Altium Limited (ASX: ALU) share price fell 4.8%, the Appen Ltd (ASX: APX) share price tumbled over 6%, and the Xero Limited (ASX: XRO) share price tumbled 4% lower.
Investors were hitting the sell button in a hurry today after a similarly severe selloff of the FAANG stocks on Wall Street on Friday. In addition to this, current Nasdaq futures are pointing to the declines continuing when the technology index opens later tonight.
Should you buy the dip?
While my first preference in the WAAAX group is Appen for valuation reasons, I do think that WiseTech Global could be a great investment if you're prepared to be patient.
I'm not the only one that thinks it is a buy. A note out of Morgan Stanley last week revealed that its analysts have retained their overweight rating on its shares and lifted the price target onto them to $20.00.
This price target implies potential upside of approximately 15% for its shares over the next 12 months.
According to the note, the broker lifted its price target to reflect recent acquisitions that the company has made.
And although it expects the acquisitions to squeeze its margins slightly, the broker believes they will give its revenue a boost over the next few years and still expects explosive earnings growth. Morgan Stanley estimates earnings per share of 22.9 cents in FY 2019 and then 32.5 cents in FY 2020.
If it delivers on expectations then I suspect its share price could be notably higher in a couple of years.