Yesterday was a rough day for the S&P/ASX 200 Index (ASX: XJO) and most ASX 200 shares. By the time trading wrapped up, the ASX 200 had fallen by 0.5% down to 7,931.7 points. It wasn't much better for WiseTech Global Ltd (ASX: WTC) shares.
Wisetech also had a Monday to forget. The tech stock and former leading WAAAX share closed at $94.50 last Friday. But yesterday's session had those shares lose 0.43% of their value and finish up at $94.09 each.
Even so, 2024 so far has indisputably been very kind to the Wisetech share price. Even after yesterday's fall, the logistics software stock remains up a healthy 23.54% year to date. It also remains around 7.5% below the all-time high of $101.75 that we saw back in May.
On the weekend, we discussed how Wisetech shares' ascension has made the company's co-founder and CEO Richard White one of the ASX's wealthiest bosses (in fact, the wealthiest boss in FY2024).
It is also interesting to note how Wisetech's rapid share price rise has helped mask the sharp dividend pay increases it has been delivering to shareholders for many years now. Even today, the Wisetech dividend yield is sitting at what looks like an insignificant 0.17%.
But back to the Wisetech share price.
Wisetech shares have crossed the three-digit threshold a few times in 2024 – the first time in May. But the company had a '100' at the front of its share price as recently as 17 July.
But now that Wisetech shares have pulled back somewhat significantly from this share price level, it might be a good time to discuss what might be next for this ASX tech share.
Will WiseTech shares crack $100 each again?
Well, one ASX expert thinks a $100-plus share price is in the bag.
That expert is ASX broker UBS. As my Fool colleague James covered earlier this month, UBS recently gave Wisetech shares a buy rating, alongside a 12-month share price target of $112. If realised, that would see investors enjoy an upside worth more than 19% from the stock's current valuation.
UBS is bullish on the company thanks to its belief that Wisetech still has a very long growth runway available. Further, the broker also predicted that the company has the potential to surprise investors with higher earnings in the next year or two.
Wisetech investors will no doubt welcome this sunny outlook. But, as always, we'll have to wait and see if UBS is on the money here.
