The Dicker Data Ltd (ASX: DDR) share price has just hit a new high. Shares hit the milestone of $14.10 during early intraday trading. Since then, however, shares in the software as a service (SaaS) company are down 2.84% to $13.66.
While the company has not made any market announcements since 30 July, its share price has been on the up in subsequent days.
Let’s take a closer look.
The data is in
The Dicker Data share price rocketed 16% on Monday when it announced the acquisition of IT distribution company Exceed Group for $68 million, cash.
Exceed generates an annual turnover of approximately $295 million, of which $228 million is generated in New Zealand. At the time of the announcement, Dicker Data said the deal will “propel Dicker Data NZ to become the second-largest IT distributor in New Zealand”. Dicker Data expects to generate about $476 million.
Since close of trade on Monday, Dicker Data shares have continued to appreciate. At the time of writing, their price is up an additional 3.9%. When they hit their all-time high, they were 4.8% higher.
Investors may still be trying to get in on the company, post the announcement.
Another potential reason for the rising Dicker Data share price? The general market is up.
Dicker Data share price snapshot
Over the past 12 months, the Dicker Data share price has increased 78%. Year-to-date, shares are 31% higher. Since listing on the ASX, Dicker Data shares have increased an astronomical 5,600%.
Given its current valuation, Dicker Data has a market capitalisation of around $2.4 billion.