Megaport (ASX:MP1) share price outperforms All Tech Index by 14% over the past month

It’s been a good month to be a Megaport shareholder. Here’s why.
The post Megaport (ASX:MP1) share price outperforms All Tech Index by 14% over the past month appeared first on The Motley Fool Australia. –

It’s been a good 30 days for the Megaport Ltd (ASX: MP1) share price. It’s soared 19.6% since this time last month to finish yesterday’s session at $19.29.

For context, the S&P/ASX All Technology Index (ASX: XTX) has gained 5.3% over the last 30 days.

That means, over the month that’s been, the Megaport share price has beaten the average performance of its peers by an impressive 14.3%.

So, what’s led the software-defined network service provider to outperform other ASX tech giants? Let’s take a look.

The month that’s been for Megaport

Megaport has only released one price-sensitive announcement to the ASX in the last month, and it seemed to be a good one.

The company provided the market with an update on its September quarter on 21 October.

However, the market was seemingly disappointed. On the day Megaport released its only news of the last 30 days, the company’s share price dipped 0.7%.

Within the update, Megaport detailed a period in which its monthly reoccurring revenue increased to $8.6 million, 14% more than the previous quarter.

The company’s quarterly revenue also came to $24.6 million, 8% greater than that of the June quarter.

Megaport’s CEO Vincent English commented on what seemed to be a successful quarter, saying:

With a record quarter of [monthly reoccurring revenue] growth and a continued increase in long-term commitments from our customers, we are seeing more substantial adoption of our platform.

Megaport share price snapshot

The gains experienced by the Megaport share price over the last month have boosted it further into the green on the ASX.

Right now, the company’s stock is trading for 35% more than it was at the start of 2021. It has also gained 33% since this time last year.

At its current share price, the company has a market capitalisation of around $3 billion.

The post Megaport (ASX:MP1) share price outperforms All Tech Index by 14% over the past month appeared first on The Motley Fool Australia.

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More reading

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Why ASX 200 tech shares are struggling this week

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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