While the tech sector tumbled with the rest of the share market in September, not all tech shares dropped into the red.
Here’s why these were the best performing major tech shares last month:
Altium Limited (ASX: ALU)
The Altium share price was the best performer among the major tech shares last month with a sizeable 18.8% gain. This was despite there being no news out of the electronic design software company. However, the company’s shares had pulled back materially over the previous two months after Autodesk ended its takeover interest.
IDP Education Ltd (ASX: IEL)
The IDP Education share price wasn’t far behind with a strong 18.4% gain. This may have been driven by optimism over the vaccine rollout and a broker note out of UBS. In respect to the latter, the broker has retained its buy rating and lifted its price target on the language testing and student placement company’s shares to $36.40.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price was a strong performer in September and charged 15% higher during the month. This was driven by a bullish broker note out of Bell Potter. According to the note, the broker upgraded the company’s shares to a buy rating and lifted its price target on them by 28% to $12.50. Bell Potter notes that the company has announced the progressive cessation of support from October for customers who use its on-premise solution. Its analysts believe this will accelerate the rate of customers switching to its software-as-a-service (SaaS) offering.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price was on form and rose 11% during the month. This was despite there being no news out of the logistics solutions company. This latest gain means that the WiseTech share price is now up 74% since the start of the year.