Despite coming off the boil since notching an all-time closing high of $21.58 on 30 June, you're unlikely to hear investors who bought Megaport Ltd (ASX: MP1) shares at their multi-year lows in April complaining.
In afternoon trade today, shares in the S&P/ASX 200 Index (ASX: XJO) network services company are down a steep 8.6%, changing hands for $16.30 apiece.
Still, if you'd taken the plunge and bought Megaport shares at the intraday low of $6.40 on 13 April, you'd now be sitting on a gain of 154.7%.
Or enough to grow a $5,000 investment into $12,734.
But after that rapid-fire rebound from the multi-year lows, is the ASX 200 tech stock still a good buy today?
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Megaport shares: Buy, hold, or sell?
Medallion Financial Group's Philippe Bui recently analysed the outlook for the Aussie tech company (courtesy of The Bull).
"Megaport is a leading global network-as-a-service provider," Bui said. "The business is riding two powerful trends, the global data centre build and the shift to multi cloud."
And the ASX 200 tech stock is operating in a fast-growing market.
According to Bui:
Global data centre capital expenditure is projected to reach US$1.7 trillion by 2030. Wholly owned subsidiary Latitude.sh recently signed three contracts, adding $254 million in annual recurring revenue.
As for Megaport's first half-year results (H1 FY 2026), Bui noted, "Results in the first half of 2026 confirmed growth is high quality, with EBITDA [earnings before interest, taxes, depreciation and amortisation] up 28% to $35.3 million."
Explaining his hold recommendation on Megaport shares, Bui concluded, "The shares have soared since April, so much of the good news is now priced into the stock, in our view. We remain content holders at current levels."
What else did the ASX 200 tech stock report for H1 FY 2026?
Megaport reported its half-year results on 20 February.
Atop the strong earnings growth helping support Megaport shares that Bui mentioned above, the company reported a 26% year-on-year increase in revenue to $134.9 million.
Breaking that down, Megaport Network revenue came in at $129.1 million, while Latitude.sh revenue reached $5.8 million from 26 November 2025 (following the completed acquisition).
The company also reported a 49% increase in annual recurring revenue (ARR) to $338 million.
Commenting on the results on the day, Megaport CEO Michael Reid said:
Our team delivered an outstanding first half performance, demonstrating the strength and resilience of the underlying business. Importantly, we achieved this while completing two strategic acquisitions and executing a successful capital raise.
These initiatives extend our platform into adjacent markets and position Megaport for accelerated growth across Network, Compute, and AI.
