Post a significant fall on ASX, below mentioned key IT stocks seem to be on a recovery track with better performances witnessed lately. This comes at the back of overall better tech sector scenario and company-wide positive developments.
Wisetech Global Limited (ASX: WTC)
Leading developer and provider of software solutions, Wisetech Global Limited’s (ASX: WTC) shares were up by 6.31 percent on 3 December 2018. Over the last Financial year, the company has experienced powerful growth in its revenues and profits. In the October month, the company acquired a leading Swedish customs and logistics solutions provider, CargoIT which has provided the company a strong foothold in a very active trade region of Sweden. The company is very much focused on its strategy of accelerating long-term organic growth by making valuable acquisitions like CargoIT. In the last six months, the shares of WTC increased by 32.16 percent as on 30 November 2018 and traded at a PE level of 134.530x. WTC’s shares traded at $19.880 (post a 14% fall in last three months) with a market capitalization of $5.63 billion as on 3 December 2018. It seems that the headwinds that hovered around the tech sector are fading away with the indications of US interest rate scenario coming to a steady state and other positive factors playing a role.
Afterpay Touch Group Limited (ASX: APT)
Technology-driven payments company, Afterpay Touch Group Limited’s (ASX: APT) shares are down by 2.497 percent on 3 December 2018, however, the share price of the company increased by 94.86 percent in the last six months as on 30 November 2018. Afterpay has been in existence for less than four years and currently, over 10% of the Australian purchasing population are using the Afterpay service and the company is processing more than 10% of all Australian online commerce. Recently, the Australian Securities and Investments Commission (ASIC) suggested the extension of its proposed product intervention powers to regulate companies like Afterpay, a move which was welcomed by the Afterpay’s Chairman Mr. Anthony Eisen at the recently held AGM. APT’s shares traded at $14.060 with a market capitalization of circa $3.32 billion as on 3 December 2018.
Altium Limited (ASX: ALU)
Australian multinational software corporation, Altium Limited’s (ASX: ALU) share increased by 5.342% on 3 December 2018. The company’s FY 2019 focus is to go beyond its “Line and Length” strategy and deliver high teens double-digit revenue growth and expanding margin to achieve its 2020 targets. During the financial year 2018, the company delivered record results, with 26% revenue growth and 34% growth in net profit compared to the financial year 2017. Meanwhile, the share price of ALU increased by 5.4 percent in the last one month as on 30 November 2018 after falling by about 20% in last three months. ALU’s shares traded at 23.860 with a market capitalization of circa $2.95 billion as on 3 December 2018.
Appen Limited (ASX: APX)
Appen Limited (ASX: APX), a provider of high-quality training data for machine learning and artificial intelligence, has witnessed an increase of 2.59 percent in its share price on 3 December 2018. Recently, the company upgraded its full-year earnings guidance in which the company reported that it is expecting the full year underlying EBITDA for FY2018, to be in the range of $62m to $65m. Meanwhile, the share price of the company increased by 36.81 percent in the last six months as on 30 November 2018. APX’s shares traded at $14.260 with a market capitalization of circa $1.48 billion as on 3 December 2018.
Xero Limited (ASX: XRO)
Xero Limited (ASX: XRO), an online accounting software company, has witnessed an increase of 2.608 percent in the share price as on 3 December 2018. The company has recently announced various strategic initiatives which will support the accounting and bookkeeping partners in the United Kingdom and it will help them to adopt cloud accounting tools. The share price of XRO decreased by 23.81 percent in the last six months as on 30 November 2018. XRO’s shares traded at $40.920 with a market capitalization of circa $5.61 billion as on 3 December 2018.
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