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2 rapidly growing ASX tech shares to buy

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A new month is here, so what better time to look to see if there are any additions you could make to your portfolio to take it to the next level.

If you’re interested in the tech sector, then you might want to take a look at the shares listed below.

Here’s why they have been rated as buys:

Bigtincan Holdings Ltd (ASX: BTH)

Bigtincan is a provider of sales enablement software which provides businesses with the information, content, and tools to sell more effectively. Demand for its platform has been growing strongly in recent years and even during the pandemic. This led to it recording strong recurring revenue growth in FY 2020 and guiding to more of the same in FY 2021.

In fact, the new financial year has started strongly and led to management recently reiterating its annualised recurring revenue (ARR) guidance. It is expecting ARR in the range of $49 million to $53 million in FY 2021, which represents a 37% to 48% increase year on year.

One broker that has been pleased with its positive start to the financial year is Canaccord Genuity. It was pleased with its update and put a buy rating and $1.40 price target on its shares.

Pushpay Holdings Ltd (ASX: PPH)

Pushpay is a donor management and community engagement provider to the church market. Thanks to the quality of its platform, its leadership position, and the shift to a cashless society, it has been growing at a very strong rate. For example, last month the company released its half year results and revealed a 53% increase in operating revenue to US$85.6 million and an even more impressive 177% jump in EBITDAF to US$26.7 million.

Management appears confident its growth can continue thanks to positive tailwinds it is experiencing. This should be boosted by the recent launch of ChurchStaq. It is the combination of its Pushpay and Church Community Builder software, bringing together digital giving, donor development, church apps, and ChMS to deliver a fully integrated engagement platform.

Pushpay’s strong form has caught the eye of analysts at Goldman Sachs. They have a conviction buy rating and $10.35 price target (now $2.59 after its 4-1 share split). This compares to the current Pushpay share price of $1.81.

Where to invest $1,000 right now

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.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends BIGTINCAN FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia has recommended BIGTINCAN FPO and PUSHPAY FPO NZX. 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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