International Business Machines Corp. shares have reached an all-time high, valuing the world’s largest provider of computer services at $236.3 billion.

IBM gained 0.7 percent to $212.06 Wednesday in New York, the highest level on record. Shares of IBM have climbed 11 percent this year.

The company has propelled its stock price by boosting earnings per share, divesting underperforming units and moving into higher-margin software businesses such as data analysis. IBM has said it will deliver at least $20 in earnings per share in 2015, compared with $15.25 last year. It also has set aside $50 billion for share repurchases and $20 billion for dividends between the end of 2010 and 2015.

IBM last reached a record closing high of $211 on Oct. 16. After the markets closed that day, IBM reported third-quarter revenue that fell short of analysts’ estimates, causing the shares to slump for the next month.

Even with the recent gains, the shares trade at a 10 percent price-to-earnings discount to the Standard & Poor’s 500 Index. IBM has a PE ratio of 13.9, compared with 15 for the S&P 500 information-technology index, according to data compiled by Bloomberg.
In the past month, IBM has said its data-analysis business will perform better than expected, adding $20 billion in revenue in 2015. That compares with an earlier goal of $16 billion. The company also said it will double investment in mobile technologies this year.

Armonk, New York-based IBM operates a large campus in Research Triangle Park and employs some 10,000 in North Carolina.