Despite the S&P/ASX 200 Index (ASX: XJO) falling into negative territory today, it has been a good day for many shares in the ASX tech sector, with the majority of them in positive territory in afternoon trade.
Pushpay Holdings Ltd (ASX: PPH) has been the strongest performer with a 17.16% share price gain at the time of writing. This gain comes on that back of a very positive market update that revealed that the donor management system provider had achieved its guidance in FY 2020.
Here we look at 4 other ASX tech shares that have performed strongly today:
Domain Holdings Australia Ltd (ASX: DHG)
Domain shares have soared 8.82% higher today at the time of writing. Today’s gains continue Domino’s rebound which begun in late March, following its sharp share price fall in the earlier stage of the coronavirus crisis. Investors appear to be gaining confidence that the predicted sharp decline in online property listings may not be as severe as first thought, as lockdown restrictions begin to be eased. This could translate to more residential property inspections and auctions in the months ahead, which would lead to an uplift in online property listings. In addition, investors appear to have been reacting favourably to a positive market update in late March.
Nearmap Ltd (ASX: NEA)
Nearmap is another ASX tech share that has seen a recent rally in its share price after a heavy coronavirus selloff, with its shares up by 8.91% today. Investors appear to be gaining more confidence that the worst of the aerial imagery technology company’s troubles maybe behind it, following a positive market update in late April. This update revealed that its recent sales performance has not been significantly impacted by the coronavirus pandemic.
Megaport Ltd (ASX: MP1)
Megaport is a leading provider of cloud computing and network solutions and is playing a crucial role in the rollout of data centres globally, which have been witnessing increased demand over the last decade. The bounce back in its share price since mid-March has continued today with a very healthy 8% gain today. Its recent share price rally has been much stronger than Nearmap’s, as the demand for Megaport’s services continues throughout the crisis. Megaport is now trading above where its share price was before the crisis began in late February.
Serko Ltd (ASX: SKO)
Of the 4 tech shares profiled today, computer software company Serko has been the most impacted by the coronavirus crisis due to its position in the travel industry. It is a provider of travel and expense technology solutions. Serko endured a massive 80% sell off from late January to late March and has since then seen a small bounce back in its share price. This was helped by a positive market update which revealed that the company doesn’t foresee the need to take on additional debt. Its share price is up strongly by 7.73% today.
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Phil Harpur owns shares of Nearmap Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MEGAPORT FPO and Serko Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia has recommended MEGAPORT FPO and Serko Ltd. 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.