ASX 200 tech share Megaport Ltd (ASX: MP1) has streaked 30.5% higher over the past month to $11.70 today.
It has outperformed the S&P/ASX 200 Information Technology Index (ASX: XIJ), which is up 23% over the past month.
The Megaport platform allows customers to connect to data centres, cloud services, and managed services companies.
In its monthly report released today, investment manager WAM Capital Ltd (ASX: WAM) highlighted Megaport's recent performance.
Let's see what it said.
The listed investment company (LIC) said the ASX 200 tech share was a contributor to its portfolio's positive performance in April.
WAM Capital said:
During the month, an expanded partnership between the company with Aviatrix, facilitating secure, high-speed connectivity across hybrid and multicloud environments, was announced.
The partnership eliminates the need for hardware-based encryption systems, which are typically costly and time-consuming to deploy.
Analysts at WAM Capital see more growth ahead for this ASX 200 tech share.
The LIC said:
We remain pleased with Megaport's growth outlook and continue to view the company as a compelling opportunity within the portfolio.
Other experts also have a positive view of Megaport shares.
As my colleague Aaron reports, broker Macquarie has a 12-month share price target of $14.30 on Megaport shares.
This implies a potential upside of 23% for investors who buy the ASX 200 tech share today.
Like WAM Capital, Macquarie is also impressed by Megaport's growing industry partnerships.
Recent new partnerships include those with Digital Ocean, 6Wind, Angola Cables, Telcables Brazil, CloudFirst Europe, and 365 Data Centres.
Macquarie says:
MP1 is a growth stock. We think revenue growth is about to accelerate in a low-growth environment, signalling the start of an upgrade cycle.
Bell Potter is less bullish with a much smaller 12-month target of $11.80, implying just a 1.6% upside from here.
Megaport shares are among the WAM Capital portfolio's top 20 holdings.
Four other tech shares that are also in the top 20 holdings have also performed well over the past month.
They are:
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