One area of the Australian share market which I am especially bullish on is the tech sector.
I believe there are a good number of companies in this sector that have the potential to grow materially over the next decade.
With that in mind, here are three top ASX tech shares I would buy in February:
Altium Limited (ASX: ALU)
My favourite tech share would have to be Altium. I believe the printed circuit board (PCB) design software provider has one of the strongest growth outlooks on the ASX thanks to its exposure to the Internet of Things (IoT) market. Research firm Statista has forecast the IoT market to be worth US$1.6 trillion per annum by 2025. This will be an increase from an estimated US$212 billion in 2019. If this estimate proves accurate, it should lead to increasing demand for its award-winning Altium Designer software. Though, it may be prudent to wait for the release of its half year results after the market close on Monday.
Bravura Solutions Ltd (ASX: BVS)
Another ASX tech share that I think has a lot of growth potential is Bravura Solutions. It is a provider of software products and services to the wealth management and funds administration industries. I feel confident it can grow materially over the next decade thanks to the sizeable market opportunity of its key Sonata platform and recent acquisitions. The Sonata product is a next-generation wealth management administration platform that allows users to engage with their clients through a range of devices. Demand for Sonata has been growing strongly in recent years, underpinning very strong profit growth. I expect Bravura’s profit growth to continue its positive trajectory for some time to come, especially given its acquisitions which have opened the company up to new lucrative markets.
Webjet Limited (ASX: WEB)
A final tech share to consider buying is this online travel agent. I think a recent pullback in its share price has left its shares trading at a very attractive level for investors that are looking long term. Especially considering its strong track record of creating wealth for shareholders and its very positive long term growth outlook. And while the coronavirus may weigh on its performance in the near term, I expect this headwind to ease in the coming months and for its growth to accelerate again.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Webjet Ltd. 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.