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These ASX growth shares could give your portfolio a big boost

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As a big fan of growth shares, I feel very fortunate that the ASX is not short of quality options for growth investors.

But with so many to choose from, which ones should you buy? Two top growth shares for investors to look at today are listed below. Here’s what you need to know about them:

ELMO Software Ltd (ASX: ELO)

The first growth share to look at is ELMO. It is a growing cloud-based human resources and payroll software company that provides businesses in the ANZ and UK markets with a unified platform that streamlines a wide range of everyday processes.

ELMO has been growing at a very strong rate over the last few years and looks set to build on this in FY 2021. Especially given the recent acquisitions of complementary businesses Breathe and Webexpenses. It is forecasting annual recurring revenue (ARR) of $81.5 million to $88.5 million in FY 2021. This will be up 47.9% to 60.5%, respectively, on FY 2020’s ARR of $55.1 million,

Morgan Stanley is a fan of the company and has an overweight rating and $9.70 price target on its shares. The ELMO share price ended the week at $6.60.

Kogan.com Ltd (ASX: KGN)

Kogan could be an ASX share to buy, especially if you’re looking for long term options. This ecommerce company could be a great buy and hold option due to the structural shift to online shopping that is being accelerated due to the pandemic.

Kogan looks well-positioned to profit from this shift due to the growing popularity of its website and its recent acquisitions. The latter includes its recent purchase of Mighty Ape for $122 million. The New Zealand-based online retailer has a focus on gaming, toys, and other entertainment categories. At the last count it had more than 690,000 unique customers and around 900,000 subscribers.

Analysts at Canaccord Genuity are very positive on Kogan’s prospects, particularly given the Mighty Ape acquisition. Its analysts believe there is potential for significant revenue and cost synergies from the deal.

In light of this, the broker has put a buy rating and $25.00 price target on Kogan’s shares. This compares to the current Kogan share price of $20.06.

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 February 15th 2021

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 Elmo Software. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia has recommended Elmo Software and Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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