The WiseTech Global Ltd (ASX: WTC) share price is back in focus after cruising past its all-time high with ease.
Although news activity has been quiet from the cloud-based software provider of late, its shares today hit a record high of $58.50. They are currently changing hands for $58.34 apiece, a gain of 0.95% on the day. They have also climbed 14.2% since the start of November.
Let's take a closer look.
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What's up with WiseTech lately?
The WiseTech share price has gained 64% since bouncing off a low in late August and has done so relatively unchallenged.
Curiously, it has also done so in the absence of any price-sensitive information out of WiseTech's camp. The last time WiseTech released anything significant was back in August, when it presented its FY21 results.
Back then, it recognised a 63% jump in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $206 million, well ahead of management's guidance of $190 million.
The bolus of WiseTech's sales growth came from recurring revenue across the year – a sign obviously deemed positive by investors considering the immediate reaction.
For instance, recurring revenue contributed 96% of the company's FY21 over sales. This carried down through the income statement as well – WiseTech doubled net profit after tax (NPAT) to $105 and had free cash flow of $139 million for the year, up 150%.
One other factor investors bought into was the company's improved FY22 guidance. Management now expects 18%–25% revenue growth for the year, and EBITDA to expand by 26%–28%.
WiseTech's share price popped over $10 per share on the day of the announcement. It has since levelled off but continued upwards at a steady pace.
Aside from this, tech shares in general are showing strength this past month, with the S&P/ASX All Technology Index (ASX: XTX) climbing more than 4% in that time. As such, the broader sector is performing well.
WiseTech share price history
It's been a year of greenery for WiseTech shareholders. The company has performed well across all time frames.
For instance, in the past 12 months, the WiseTech share price has climbed 89%. It has also rallied 89% this year to date.
In the past month of trading, its shares have gained more than 7%, and are also up around 5% in the past week.
At the time of writing, WiseTech Global has a market capitalisation of $18.77 billion.
