The great news for growth investors is that there are a good number of quality companies on the Australian share market with strong growth potential.
Three that could be worth considering are listed below. Here's what you need to know about these ASX growth shares:
Kogan.com Ltd (ASX: KGN)
The first ASX growth share to look at is Kogan. This ecommerce company has been tipped as a great buy and hold option due to the structural shift to online shopping and the growing popularity of its website. In addition to this, management has bolstered its offering with value accretive acquisitions recently. If these are successful, they could accelerate its growth in the coming years. Analysts at Credit Suisse are positive on the company. The broker currently has an outperform rating and $21.08 price target on its shares.
Pushpay Holdings Group Ltd (ASX: PPH)
Another ASX growth share to look at is Pushpay. It is leading donor management and community engagement platform provider with a keen focus on the faith sector. While this might appear to be a bit of a niche market, it certainly is a lucrative one. Pushpay has been winning market share over the last few years, which has underpinned stellar earnings growth. This is expected to continue in FY 2021, with management guiding to operating earnings of between US$56 million and US$60 million. This will be an increase of 123% to 139% year on year. Positively, this is still only a small slice of the overall market, which gives it a long runway for growth. Goldman Sachs is a fan of the company. The broker currently has a conviction buy rating and $2.59 price target on its shares.
ResMed Inc. (ASX: RMD)
A final ASX growth share to consider is ResMed. It is a medical device company which has a focus on sleep treatment solutions and ventilators. ResMed has been growing strongly in recent years and appears well-placed to continue this positive form in the future. This is thanks to its world-class products and the massive number of undiagnosed sleep apnoea sufferers globally. The company also has a rapidly growing digital health ecosystem, which reached over 12 million cloud connectable medical devices in 2020. This provides ResMed with strong recurring revenues and a material amount of high quality data. Morgans currently has an add rating and $30.99 price target on ResMed's shares.
