The S&P/ASX All Ordinaries Index (ASX: XAO) share Siteminder Ltd (ASX: SDR) surged 5.31% today, marking yet another day on an incredible run.

Over the past month, the ASX tech share has risen by 38.11%, as shown on the chart below.

It has been one of the stronger All Ords performers since the start of September.

Normally a rise of today's size is prompted by a promising business update, but nothing noteworthy was announced to the ASX.

It appears that the market is excited by one of Australia's leading brokers' analysts calling the global hotel software company a buy.

Let's look at how excited the analyst is about the business.

Bullish outlook on Siteminder shares

The Australian Financial Review reported that Jarden analyst Ed Woodgate upgraded the rating on the ASX All Ords share to a buy.

Jarden increased its price target on the ASX tech share from $5.89 to $7.48, representing a 27% increase from the original target price. If the broker's prediction comes true, the Siteminder share price could rise another 11% from today's valuation.

According to the AFR, Woodgate said that the current market consensus forecasts do not factor in "significant new product revenue growth".

The Jarden analyst suggested that Siteminder could reach its current FY31 revenue growth forecast without any new product revenue.

Woodgate wrote in a note to clients:

We are increasingly bullish on SDR given our research indicates it is one of the higher quality tech names in the S&P/ASX Small Ordinaries (ASX: XSO).

How fast is the ASX All Ords share growing?

In the FY24 result, the company reported that its total revenue increased by 26% to $190.7 million, with annualised recurring revenue (ARR) growing by 20.8% to $209 million. It also reported that underlying operating profit (EBITDA) had turned positive, improving from a loss of $21.9 million in FY23 to a positive $0.9 million in FY24.  

Siteminder says it's targeting 30% organic annual revenue growth in the medium term.

Profit margins could rise thanks to increased usage of artificial intelligence throughout the business. The company outlined in its FY24 presentation how it's pursuing initiatives to leverage AI and its "high fidelity data'. It said it's improving customer outcomes through "dynamic AI guided engagements" and reduced admin burden. AI is also assisting with efficiencies in the "discovery and delivery" of products, while also helping developer productivity in areas such as coding assistance.

Impressively, the ASX All Ords share is also targeting the 'rule of 40', which is the sum of a software company's revenue growth and profit margin. It is an appealing sign of the quality of a tech company if they regularly achieve the rule of 40.

Overall, it seems there is quite a bit to be excited about Siteminder shares.