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3 hot ASX tech shares to watch

Here are 3 tech stocks I think investors should have on their watch list…

CarSales.Com Ltd (ASX: CAR)

The CarSales share price continues to chug along.

It closed on Monday at $13.57 up from $10.18 this time last year, representing a gain of around 25%.

Management says the outlook for CarSales is promising.

“Domestic core business performance in the first quarter of FY18 has remained solid and we expect this to continue throughout the first half assuming market conditions remain unchanged,” the company stated.

Aconex Ltd (ASX: ACX)

The Aconex share price got smashed earlier this year, dropping by almost 50% over a few days, as the company lowered its revenue expectations.

But the construction management software company’s share price has made a comeback.

It closed at $4.95 on Monday as it heads back up towards the $5.65 mark where it was trading at before it took its dive in January.

Aconex recorded a loss of almost $10 million for FY17 after reporting a profit of about $5.7 million for FY16.

But revenue grew from $123 million for FY16 to $161 million for FY17.

OFX Group Ltd (ASX: OFX)

The OFX share price has tumbled over the last couple of months, sliding from $1.80 in September to close on Monday at $1.43.

OFX, with a market cap of $343 million, provides a platform for international payments and foreign exchange services.

OFX reported an underlying net profit after tax of $19.6 million for FY17, 18% lower than the $23.9 million recorded for the prior year.

OFX’s CEO Skander Malcolm said the earnings reflect continued investment in people and technology “to take advantage of the enormous growth opportunity we see across our markets”.

“Our technology investment is already paying off, with hosting costs continuing to decline each quarter, security enhanced, and improved search engine optimisation due to faster load times,” Skander Malcolm said.

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Motley Fool contributor Steve Holland has no position in any of the 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.