3 ASX 200 shares cruising past 52-week highs today

There is a distinct tech flavour to this 52-week-high triple cone.

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The S&P/ASX 200 Index (ASX: XJO) spent the day in the red, closing down 50.5 basis points at 7369.9.

Despite the broad weakness, these 3 ASX 200 shares have shone as they cruised past their 52-week highs today.

Here’s a quick rundown on what’s been happening with each lately.

Megaport Ltd (ASX: MP1)

This ASX 200 share has been on a bull run since mid-October when it bounced off a low of $16.40. It hasn’t slowed since and has set higher highs in near-linear fashion until today.

It hit a 52-week high of $22 in early trading today, before closing the day at $21.85.

Megaport released its trading update last month and the market responded positively. This was backed by analysts at Macquarie who slapped a $24 price target on the share.

The broker reckons Megaport’s valuation is attractive and bumped up its forecast for Megaport’s FY24 port utilisation forward estimate by 75%.

Tech shares, in general, are showing strength this past month, with the S&P/ASX All Technology Index (ASX: XTX) climbing 4% in that time.

WiseTech Global Ltd (WTC)

Shares in WiseTech Global are back on the radar after nudging past their 52-week high this afternoon. The software company’s share price hit $57.99 in afternoon trading.

The WiseTech share price has jumped 7% in the past month despite no market-sensitive information coming out of the company’s camp.

Investors have bid up the price of this ASX 200 share from a low of $36 in late August and it has been on the steady incline since.

The run up also marks a record high for WiseTech’s share price, which has climbed from $4.04 in 2016 to over $57.68 at the close of market today.

WiseTech shareholders also fared well during COVID-19. The software solutions company share has returned from a low point of about $15 during the March 2020 sell-off.

TechnologyOne Ltd (ASX: TNE)

Yet another all-time high for TechnologyOne shares as they surpassed the $13.60 mark directly from the open today.

The TechnologyOne share price is another one that’s been gaining ground lately without much price-sensitive info out of its corner.

However, several brokers have chimed in with their opinion on the outlook for TechnologyOne shareholders, which may have some relevance.

As The Motley Fool has reported previously, Morgan’s has a buy rating on the share, assigning a price target of $10 in a recent report.

Bell Potter also reckons investors have more to look forward to, and were seemingly on the money when they lifted their price target to $13.50. The ASX share passed that valuation today, stepping back to close the day at $13.32.

Aside from this, TechnologyOne has its FY21 earnings result posted for the end of this month, which Bell Potter notes “tends to be a catalyst for the share price – and we expect no different this year.”

The TechnologyOne share price is up 54% these past 12 months, rallying 62% in just this year to date.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO and WiseTech Global. The Motley Fool Australia owns shares of and has recommended WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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