Since the start of October the S&P/ASX 200 Info Tech index has fallen approximately 13%.
While this is disappointing, one positive is that it has brought the shares of some quality tech companies down to more attractive levels.
Three top tech shares that I would buy today are listed below:
Altium Limited (ASX: ALU)
Altium is a printed circuit board (PCB) design software company which I think would be a great option for tech investors. Especially after Goldman Sachs initiated coverage on the company yesterday with a buy rating and $28.50 price target. Goldman likes Altium as it expects its PCB market share gains to continue and its total addressable market to expand significantly due to its Octopart business. In addition to this, it feels its shares are trading at an attractive level in comparison to its ANZ tech peers.
Citadel Group Ltd (ASX: CGL)
Another tech share that I think is worth considering is Citadel. It is a growing software and services company that specialises in IT security and data management. Due to the growing amount of data being generated by businesses and how important it is to keep it secure, I expect demand for its Citadel-Information Exchange (Citadel-IX) cloud-based enterprise information management platform to remain strong over the coming years and underpin its growth. This platform allows its users to securely access and transfer proprietary and sensitive information remotely.
Xero Limited (ASX: XRO)
Xero is a cloud-based accounting software company which has been growing at an impressive rate over the last few years. Most recently it reported a 37% jump in first half revenue to $256.5 million. This was driven by the addition of 193,000 net subscribers and a 6% lift in its average revenue per user metric. I expect this positive run to continue in the second half thanks to its international expansion and the shift to cloud-based accounting.
