The ASX share market may not be home to global tech giants Google and Apple, but a broad range of quality niche ASX tech shares have emerged over the past few years.
Here we examine 3 of these companies, that are all in my buy zone right now.
3 quality ASX tech shares to buy
WiseTech Global Ltd (ASX: WTC)
WiseTech Global develops and supplies software solutions to the global logistics industry. It has evolved to become a world leader in this field, with a customer base spanning 150 countries.
The WiseTech Global share price has grown strongly from when it was first listed on the ASX, back in November 2016. Since then, its share price has risen from $3.89, and is now trading at $21.23. That’s more than a five-fold increase.
More recently, the WiseTech Global has lost some ground during the coronavirus pandemic. However, I believe the long-term prospects of WiseTech Global remain strong. I am confident that WiseTech Global is well-placed to tap into a growing global logistics market over the next decade.
Afterpay Ltd (ASX: APT)
Buy now, pay later provider Afterpay has been on a fast-growing expansion strategy over the past few years. Despite increasing competition from the likes of Openpay Group Ltd (ASX: OPY) and Zip Co Ltd (ASX: Z1P), Afterpay appears to have established a position as the largest local provider in this growing market.
Afterpay is now focusing heavily on growing its operations overseas. In late May, the company reached the milestone of 5 million customers in the US market. A fast growth in its customer base has translated into very strong share price growth in recent months. The Afterpay share price has risen from $8.90 in late March to now be trading at $70.90.
Megaport Ltd (ASX: MP1)
Megaport provides a ‘network as a service’ offering that enables enterprises to increase or decrease their fixed broadband bandwidth according to individual requirements.
This ASX tech share continues to grow its diverse customer base across the Asia Pacific, Europe and North America regions. Recent revenue growth has been very strong. Total revenue increased by 70% during the first half of FY 2020. The Megaport share price has risen strongly over the past 12 months from $6.76 to currently be trading at $13.41.
WiseTech Global, Afterpay and Megaport are 3 ASX tech shares that are all in my buy zone right now. All three companies have strongly established positions in the market niches and strong 5-year growth prospects.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
Phil Harpur owns shares of AFTERPAY T FPO, MEGAPORT FPO, and WiseTech Global. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. 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.
- Why I’d buy Wesfarmers and 1 other quality ASX dividend right now – August 31, 2020 12:30pm
- Elixinol share price edges higher on half year earnings release – August 31, 2020 11:54am
- 2 top ASX tech shares to buy and hold beyond 2025 – August 28, 2020 8:33am