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Are these the best tech shares on the ASX?

I think that the local share market is home to a large number of quality tech shares that are worthy of a spot in most portfolios.

Three fast-growing tech shares which I think are worth considering today are listed below. Here’s why I like them:

Appen Ltd (ASX: APX)

This machine learning and artificial intelligence dataset provider is one of my favourite tech shares on the Australian market. Due to ever-increasing demand for its services from some of the world’s biggest tech companies, Appen has been delivering EBITDA growth far beyond the market’s expectations. In FY 2017 Appen reported an impressive 62% year-on-year lift in EBITDA thanks to growing demand in the social media and search categories. Pleasingly, management expects EBITDA growth to accelerate in FY 2018.

Nextdc Ltd (ASX: NXT)

Last month global tech behemoths Microsoft and Amazon delivered better than expected quarterly results thanks largely to the explosive growth of their cloud businesses. I believe this is a sign that demand for NEXTDC’s data centre services is still growing at an impressive rate and will continue to do so for the foreseeable future. As a result, I feel confident that NEXTDC will deliver long-term earnings growth that more than justifies the premium its shares are trading at.

Xero Limited (ASX: XRO)

This New Zealand-based accounting software provider’s shares have stormed to a multi-year high today thanks to the release of a positive broker note. Despite its shares trading at these lofty levels, I don’t believe for a second that it is too late to snap them up. Due to the quality and stickiness of its product and its growing share of key markets, I believe Xero is capable of delivering above-average sales growth for the foreseeable future.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool’s board of directors. LinkedIn is owned by Microsoft. James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon. The Motley Fool Australia owns shares of Appen Ltd and Xero. The Motley Fool Australia has recommended Amazon. 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 Scott Phillips.

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