Guess which ASX 200 stock just hit a record high?

This popular stock made its shareholders smile again on Friday.

| More on:
Person pointing at an increasing blue graph which represents a rising share price.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It was another good day for Hub24 Ltd (ASX: HUB) shareholders on Friday.

That's because the ASX 200 stock climbed to a record high of $43.08 during the session.

When the financial technology company's shares hit that level, it meant they were up almost 20% this year.

But things are even better if you step back a little further. On a 12-month basis this ASX 200 stock is up over 70% and on a five-year basis it is now up over 200%.

In respect to the latter, a $10,000 investment back in 2019 would now be worth approximately $30,000.

What is this ASX 200 stock?

HUB24 is a financial technology company behind the HUB24 platform, HUBconnect, the Xplore Wealth platform, Class, and myprosperity.

Its key HUB24 platform offers advisers and their clients a comprehensive range of investment options. This includes market-leading managed portfolio solutions, and enhanced transaction and reporting functionality.

Management notes that as one of the fastest growing platforms in the market, the HUB24 platform is recognised for providing choice and innovative product solutions that create value for advisers and their clients.

Its HUBconnect offering focuses on leveraging data and technology to provide solutions to common challenges for stockbrokers, licensees and advisers. It also enables the delivery of professional advice to more Australians.

Class, which was acquired in 2022, is a cloud-based wealth accounting software company and has been recognised as one of Australia's most innovative technology companies. It delivers SMSF administration, trust accounting, portfolio management, legal documentation and corporate compliance solutions to financial professionals across Australia.

Finally, Myprosperity is a leading provider of client portals for accountants and financial advisers. It enables streamlined service delivery, increased productivity and enhanced customer experience for finance professionals and their clients.

Across these businesses, HUB24 has $79.7 billion in Platform funds under administration (FUA) and total FUA of $100 billion.

Can HUB24 shares keep rising?

Unfortunately for shareholders, the broker community appears to believe that this ASX 200 stock could be close to peaking for the time being.

For example, a note out of Citi from earlier this month revealed that it has a buy rating and $42.80 price target. This is in line with where its shares currently trade.

Elsewhere, Macquarie and Ord Minnett currently have overweight and buy ratings on its shares with price targets of $44.00. This offers modest upside of approximately 3% from where its shares closed on Friday.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Record Highs

Four young friends on a road trip smile and laugh as they sit on roof of their car.
ETFs

Records tumble! Hot ASX ETFs smash all-time highs again on Friday

It's a little strange to see these ETFs hit new highs on a red day for the ASX...

Read more »

ETF spelt out on cube blocks with rising arrows.
ETFs

iShares S&P 500 ETF (IVV) inks all-time ASX high! Too late to buy?

Here's my take on this ETF's new record.

Read more »

ETF on white blocks with a rising arrow on top of coin piles.
ETFs

3 popular ASX ETFs smashing record highs today

Do you own any of these lucky ETFs?

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Record Highs

Unstoppable! CBA share price smashes yet another record high

CBA shares are soaring to new record highs again today. But why?

Read more »

Three smiling corporate people examine a model of a new building complex.
Record Highs

Goodman share price hits record high on second FY24 guidance upgrade

Business is booming for this market darling in FY 2024.

Read more »

A smiling man at a shop counter takes payment from a female customer, with racks of plants in the background.
Record Highs

New record high: Is it too late to buy Wesfarmers shares?

Would I buy Wesfarmers shares at their new record high?

Read more »

Lab worker puts hands in the air and dances around
Healthcare Shares

Up 200% in 6 months, guess which ASX All Ords stock just hit another all-time high

This All Ords stock has made its investors very rich in recent months...

Read more »

happy investor, celebrating investor, good news, share price rise, up, increase
Capital Raising

Nick Scali share price jumps 14% to record high after raising $46m

Investors have responded very positively to the company's UK expansion plan.

Read more »