The tech sector has come under pressure this week following the market weakness caused by trade war tensions and weak economic data out of both the United States and China.
I think this has pulled the shares of a number of quality tech companies to very attractive levels for a long term investment.
Here's why I would be a buyer of these ASX tech shares today:
Altium Limited (ASX: ALU)
The Altium share price is trading around 17% lower than its 52-week high at present. Whilst this still means its shares are trading at a notable premium to the market average, I believe it is a very attractive level for a company with such outstanding growth potential. I remain confident the printed circuit board (PCB) design software company is well-positioned to deliver exceptionally strong earnings growth over the next decade thanks to its industry-leading software platform and its exposure to the fast-growing Internet of Things market.
Appen Ltd (ASX: APX)
The shares of this leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence have shed almost 36% of their value since peaking at $32.00 in July. This has left Appen's shares changing hands at ~32x estimated FY 2020, which I think is great value given its outstanding long-term growth potential thanks to increasing demand for its services due to the proliferation of machine learning and artificial intelligence.
Nearmap Ltd (ASX: NEA)
Another high quality tech share that has come under pressure recently is Nearmap. The shares of the leading aerial imagery technology and location data company are down almost 44% from their 52-week high. I think this selloff has pulled its shares down to a very attractive level based on its current growth profile. Due to the quality of its platform, increasing demand, and new product launches, I believe Nearmap is well-placed for further strong growth in FY 2020 and beyond
