I’m a big fan of growth shares and feel very fortunate to have such a large number to choose from on the Australian share market.
But having so much choice can make it hard to decide which ones to buy. To help you decide which ones to add to your portfolio, I have picked out three top growth shares that are highly rated. They are as follows:
Appen Ltd (ASX: APX)
The first highly rated growth share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI). Its team prepare or create the data for the machine learning models of large tech companies and government organisations.
Analysts at Citi have a buy rating and $32.60 price target on its shares. The broker believes the company is well-positioned to benefit from the increasing spending on artificial intelligence and sees opportunities for it to expand its addressable market.
Kogan.com Ltd (ASX: KGN)
This ecommerce company could be a good option for investors due to continued rise in online shopping. In addition to this, its expansion into potentially lucrative verticals, the growing popularity of Kogan Marketplace, and recent acquisitions should support its growth in the coming years.
And while its shares have surged higher over the last 12 months, analysts at Canaccord Genuity still see a lot of value in them. The broker has a buy rating and $25.00 price target on Kogan’s shares.
Pushpay Holdings Group Ltd (ASX: PPH)
Another highly rated growth share is Pushpay. It is leading donor management and community engagement platform provider with a focus on the faith sector. It has been a very strong performer in FY 2021 and has just upgraded its full year EBITDAF guidance to between US$56 million and US$60 million. This will be up 123% to 139% year on year.
This is still scratching at the surface of its addressable market in the United States, which gives it a long runway for growth over the 2020s.
Analysts at Goldman Sachs are bullish on its prospects. They have a conviction buy rating and $2.59 price target on its shares.
Where to invest $1,000 right now
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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 Appen Ltd, Kogan.com ltd, and PUSHPAY FPO NZX. The Motley Fool Australia has recommended Kogan.com ltd and PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.