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Top 5 ASX Technology Stocks (Updated December 2022)
Dec. 22, 2022 01:30PM PST
Which ASX technology stocks performed the best in 2022? Here’s a look at the five top ASX technology stocks by share price performance.
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Australia is home to a thriving tech sector with fresh investment opportunities emerging across a variety of subsectors.
The tech sector currently contributes about AU$167 billion to the Australian economy, according to recent research. This figure has increased by 79 percent from 2016, representing a growth rate that is more than four times that of most industries. In fact, the tech arena is the third largest economic market in Australia, behind mining and finance/insurance.
Unsurprisingly, many tech stocks on the ASX have performed well in this landscape. Below the Investing News Network profiles the five top ASX technology stocks by share price performance in 2022. Data was gathered on December 20, 2022, using TradingView’s stock screener, and all of the top ASX technology companies listed had market caps above AU$10 million at that time.
1. Echo IQ
Year-to-date gain: 30 percent; market cap: AU$90.99 million; current share price AU$0.195
The first top-gaining ASX tech stock on this list is software-as-a-service company Echo IQ (ASX:EIQ), which specialises in cardiac diagnostic support solutions for the medical sector. The company's artificial intelligence-powered diagnostics technology enhances the diagnosis of structural heart disease, as well as aortic stenosis.
Echo IQ expanded its global presence in early December with the launch of EchoSolv in the US cardiology market; the product is now available for commercial distribution to registered healthcare customers. The news sent shares of Echo IQ to AU$0.23, their highest level of 2022, on December 8.
2. Gentrack Group
Year-to-date gain: 22.43 percent; market cap: AU$250.03 million; current share price: AU$2.51
Cloud-first technology company Gentrack Group (ASX:GTK) provides enterprise billing and customer management software solutions for the cleantech and utilities industries. Its client base includes more than 50 energy and water companies.
In late November, Gentrack partnered with Merkle, a utilities-focused Salesforce (NYSE:CRM) solutions provider. The two will work together to integrate and implement Salesforce's Energy & Utilities Cloud with Gentrack’s g2.0 billing technology, which Gentrack launched in September. The goal is to provide utilities with a better way to understand and interact with their customers. Gentrack shares reached a year-to-date high of AU$2.52 on December 1.
3. Weebit Nano
Year-to-date gain: 22.38 percent; market cap: AU$655.48 million; current share price: AU$3.50
Israeli semiconductor IP company Weebit Nano (ASX:WBT) develops silicon oxide-based resistive random-access memory (ReRAM) technologies. Its goal is to address the need for significantly higher-performance and lower-power computer memory technology.
Early in the year, Weebit secured its first commercial deal, licensing its ReRAM technology to volume production with US-based semiconductor foundry SkyWater Technology (NASDAQ:SKYT). On February 8, shares of Weebit traded at their highest price for the year, coming in at AU$4.01. More recently, on November 8, the company reached another milestone toward the commercialisation of its ReRAM technology; the first silicon wafers integrating Weebit's embedded ReRAM module were delivered to Weebit from SkyWater’s US-based production fab. The silicon wafers will be sliced into chips before being packaged, tested and qualified; the chips will then be used for activities such as testing and prototyping ahead of commercial orders and volume production.
4. Cirrus Networks
Year-to-date gain: 21.43 percent; market cap: AU$31.36 million; current share price: AU$0.034
Cirrus Networks (ASX:CNW) is a managed services and IT solutions provider that offers network and connectivity products, cloud applications, data management, cybersecurity and IT management. It has won several awards, including Cisco ANZ Enterprise Networking Partner of the Year, the CRN Leader Award and spots on the CRN Fast50 and the Deloitte Technology Fast 50 lists.
In August, Cirrus secured a significant three year managed services contract with the Australian division of Eni (NYSE:E), a global energy company. The company's share price hit a year high of AU$0.037 on September 19.
5. Data#3
Year-to-date gain: 13.39 percent; market cap: AU$1.04 billion; current share price: AU$6.69
Last on this list of top ASX tech stocks is Data#3 (ASX:DTL), an award-winning ITC technology company that uses cloud, security, connectivity and data and analytics tools across its consulting, project and managed services.
The company's list of major partners includes Cisco Systems (NASDAQ:CSCO). Through this partnership, Data#3 provides a range of modern cloud-based collaboration solutions, such as video conferencing, shared collaboration spaces, virtual whiteboards and instant messaging. In its 2022 fiscal year, the company generated AU$2.2 billion in revenues. Shares of Data#3 reached their highest value for 2022 on November 2, trading at AU$7.16.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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