One of the best performers on the ASX 200 over the last 30 days has been the WiseTech Global Ltd (ASX: WTC) share price.
During this time the logistics platform provider's shares have risen over 19% to $18.66.
This solid run has stretched WiseTech Global's 12-month return to a sizeable 47%, making it the tenth best performing share on the benchmark index over the period.
Unsurprisingly, accompanying WiseTech Global in the top ten best performers are the likes of Afterpay Touch Group Ltd (ASX: APT), Altium Limited (ASX: ALU), Appen Ltd (ASX: APX), and Xero Limited (ASX: XRO).
In fact, Afterpay Touch has been the best performer on the ASX 200 over the last 12 months with a whopping return of 152%.
Why is the WiseTech Global share price up 19% in a month?
One catalyst for this gain may have been WiseTech Global's annual general meeting late last month.
At the meeting the company reiterated its guidance for revenue in the region of $320 million and $333 million in FY 2019. This represents annual growth of between 44% and 50%.
In addition to this, it confirmed that it is on course to achieve EBITDA of $102 million to $107 million, equating to year on year growth of between 31% and 37%.
Another catalyst could have been a broker note out of Morgan Stanley last week. According to the note, the broker retained its overweight rating and lifted the price target on its shares to $20.00 after incorporating recent acquisitions into its estimates.
Although the broker expects some of the acquisitions to weigh on its margins in the near term, it remains confident in its long term growth prospects and near term earnings growth.
Morgan Stanley estimates earnings per share of 22.9 cents in FY 2019 and then 32.5 cents in FY 2020.
Should you invest?
While I think that WiseTech Global's shares are approaching fair value, I would still consider buying them with a long-term view.
I believe the company's acquisition spree has positioned it perfectly to deliver strong earnings growth for many years to come, potentially making it one of the best buy and hold options on the local market.
Though it is worth remembering that due to the premium that its shares trade at, there is a risk that its shares could sink notably lower if its growth isn't as strong as the market expects.
