The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has a number of growth shares for investors to choose from, but unless you were fortunate enough to get in early you’re probably going to pay a premium to buy them today.

Shares like Domino’s Pizza Enterprises Ltd. (ASX: DMP) and Transurban Group (ASX: TCL) are fantastic companies but currently change hands at 66x and 106x estimated FY 2016 earnings, respectively.

When growth shares trade on high multiples like these they can face sudden declines if their growth fails to live up to the market’s expectations. I believe this can make certain shares like Domino’s unsuitable for investors with a low tolerance for risk.

Thankfully for these investors there are reasonably priced growth shares out there too. I have picked out four which I think could be great options today.

Blackmores Limited (ASX: BKL)

At the end of April health supplement company Blackmores reported net profit after tax of $76 million for the nine months to March 31. This was a huge increase of 145% compared to the prior corresponding period. With the shares changing hands today at around 27x estimated FY 2016 earnings I feel Blackmores could be classed as great value right now considering its strong growth prospects in China.

iSentia Group Ltd (ASX: ISD)

Thanks partly to its fantastic and popular Mediaportal platform, this global leader in the delivery of crucial business intelligence produced half year underlying net profit after tax and amortisation growth of 22%. Mediaportal is iSentia’s flagship communications platform providing a cloud-based workspace which delivers news as and when it happens, together with analytics and reporting tools. At 23x estimated FY 2016 earnings I believe this is a growth share that would make a great addition to most portfolios.

Pact Group Holdings Ltd (ASX: PGH)

This leading packaging company provides solutions for businesses in a number of industries including food and beverages, personal care, and industrial and materials. Trading at 18x estimated FY 2016 earnings makes Pact Group a cheaper alternative to rival Amcor Limited (ASX: AMC), which trades at just over 19x estimated earnings. It’s had a good start to FY 2016 and has grown half year net profit after tax by around 10%.

SKYCITY Entertainment Group Limited-Ord (ASX: SKC)

The New Zealand-based casino operator SKYCITY Entertainment trades at under 17x estimated FY 2016 earnings. In my opinion this makes it great value considering the strong growth prospects it has due to increasing numbers of Chinese tourists into Australia and New Zealand. This is evident in its interim results which saw the company report net profit after tax growth of 28.2%.

Finally, if you don't have room in your portfolio to fit them in right now, it could be worth checking to see if you hold these three rotten shares. Now might be a good time to swap them out if you ask me.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.