Guess which ASX 200 stock just hit a record high?

This popular stock made its shareholders smile again on Friday.

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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.

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