If you’re a growth investor, then you’re in luck. The ASX is home to a number of companies that could grow strongly in the future.
Two to consider buying are listed below. Here’s why they are highly rated:
Altium Limited (ASX: ALU)
The first ASX growth share to look at is Altium. It is an electronic design software provider aiming to dominate the market it operates in.
And thanks to the quality of its Altium Designer software and cloud-based Altium 365 platform, which give it a clear lead over the competition, it looks well-placed to achieve this.
Due to the proliferation of electronic devices because of the Internet of Things and artificial intelligence markets, this is a great market to dominate. It is expected to grow materially over the next decade.
One broker that is a fan of Altium is Credit Suisse. It has an outperform rating and $35.00 price target on its company’s shares.
Pushpay Holdings Group Ltd (ASX: PPH)
Another ASX growth share to look at is Pushpay.
This leading donor management and community engagement platform has a focus on the niche but lucrative faith sector. For example, in FY 2020, it delivered a 32% increase in revenue to US$129.8 million.
But management isn’t settling for that. It has set itself a target of winning 50% of the medium to large US church market in the future. This equates to US$1 billion in revenue, which is almost 8 times greater than FY 2020’s revenue.
Pushpay looks well-positioned to achieve this thanks to its industry-leading platform, which was bolstered by the acquisition of US$87.5 million church management system provider Church Community Builder last year.
This has led to the launch of ChurchStaq, which is the combination of its Pushpay and Church Community Builder software. It brings together digital giving, donor development, church apps, and church management software (ChMS) to deliver a fully integrated engagement platform.
Goldman Sachs is positive on Pushpay and believes it is well-placed for long term growth. The broker has a buy rating and ~$2.59 price target on its shares.
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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 PUSHPAY FPO NZX. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Altium. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended PUSHPAY FPO NZX. 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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