S&P/ASX 200 Index (ASX: XJO) tech stock WiseTech Global Ltd (ASX: WTC) has been on a tear since early April.
On Thursday, shares in the global logistics software solutions company closed the day down 0.08%, trading for $119.94 apiece.
This sees the WiseTech share price up an impressive 60% since plumbing to one-year closing lows of $74.83 on 4 April. And it serves as a useful reminder to keep a close eye on quality stocks that have been heavily sold down.
With 334.62 million shares outstanding, Thursday's closing price gives WiseTech a commanding market cap of $40.13 billion.
But on the heels of that huge rally, are WiseTech shares still a good buy today?
Should I buy the ASX 200 tech stock today?
Morgans' Damien Nguyen recently reviewed the growth outlook for WiseTech shares (courtesy of The Bull).
"WTC is a global logistics software provider with a strong growth outlook," said Nguyen, who has a buy recommendation on the ASX 200 tech stock.
"Given increasing demand for smarter, more efficient freight solutions, WiseTech is well positioned to benefit," he noted.
"We believe the share price will continue to grind higher over coming years, driven by WTC's superior supply chain software and expanding global reach," Nguyen added.
"Furthermore, the company's consistent profitability, expanding international footprint and strong product adoption make it a compelling buy for long-term investors," he concluded.
Atop the potential for share price growth, WiseTech shares also trade on a modest 0.17% unfranked trailing dividend yield.
What's been happening with WiseTech shares?
The ASX 200 tech stock captured investor attention, and gained 4.7%, on 26 May after announcing a binding agreement to acquire United States-based E2open (NYSE: ETWO) for US$2.1 billion.
"Acquiring e2open is a strategically significant step in achieving our expanded vision to be the operating system for global trade and logistics," WiseTech founder Richard White said on the day.
White added:
E2open brings to WiseTech several well established complementary products. This will enable WiseTech to create a multi-sided marketplace that connects all trade and logistics stakeholders to efficiently offer and acquire services, removing complex disconnected processes and driving visibility, predictability and cost savings through the value chain…
In bringing the two companies together, we see tremendous opportunity for synergies, efficiencies, economies of scale and enhanced customer benefits, which unlocks the potential in e2open's suite of products.
The ASX 200 tech stock is in the process of finalising the deal, which importantly is not subject to E2open shareholder approval.
