2 stellar mid cap ASX shares to buy in April

Nuix Limited (ASX:NXL) and this ASX mid cap share could be great buy and hold options for Australian investors. Here's why…

| More on:
2 asx tech shares to buy represented by hand holding up 2 fingers

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're looking for some investment options for April, then you might want to take a look at the mid cap space.

At this side of the market, there are a number of companies with the potential to grow materially over the next decade or two. This could lead to their shares generating outsized returns for investors if everything goes to plan.

With that in mind, here are two mid cap ASX shares to consider buying:

Nearmap Ltd (ASX: NEA)

The first mid cap ASX share to look at is Nearmap. It is a $990 million aerial imagery technology and location data company with operations in Australia and North America.

Nearmap's leading products give businesses instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. The beauty of this, is that users can undertake virtual site visits anywhere there is coverage without leaving the home or office. The company notes that this enables informed decisions, streamlined operations, and meaningful cost savings.

Another positive is that Nearmap has recently bolstered its offering with the launch of several new products and add-ons. This includes an artificial intelligence product which has significant potential.

Goldman Sachs is positive on the company and believes Nearmap can grow its revenue by a CAGR of 15% per annum between FY 2020 and FY 2023. In light of this, the broker has placed a buy rating and $2.95 price target on its shares.

Nuix Limited (ASX: NXL)

Another mid cap ASX share to consider is Nuix. It is a growing provider of investigative analytics and intelligence software.

The company's Discover, Workstation, and Investigate platforms allow users to transform huge amounts of data from various sources (such as emails, social media, and communications) into actionable intelligence. This is proving particularly important in investigations where there can be hundreds or thousands of files to comb through.

One broker that believes Nuix has a bright future ahead of it is Morgan Stanley. As a result, earlier this month the broker put an overweight rating and $10.75 price target on its shares.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Growth Shares

a happy investor with a wide smile points to a graph that shows an upward trending share price
Growth Shares

Here are the top five ASX 200 shares in Macquarie's model growth portfolio

These ASX 200 shares are highly rated by analysts at Macquarie.

Read more »

a man with a wide, eager smile on his face holds up three fingers.
Growth Shares

3 ASX shares to buy in 2024 and hold for the next 10 years

Analysts think these top shares are in the buy zone right now.

Read more »

A man leans forward over his phone in his hands with a satisfied smirk on his face although he has just learned something pleasing or received some satisfying news.
Growth Shares

4 ASX growth shares I think will benefit from interest rate cuts in 2024

Not only will home loan holders rejoice, investors of these stocks could also be yelling with joy when the Reserve…

Read more »

A smiling woman sits in a cafe reading a story on her phone about Rio Tinto and drinking a coffee with a laptop open in front of her.
Growth Shares

3 of the best ASX growth shares to buy now

Analysts see plenty of upside for these buy-rated shares.

Read more »

A man and woman in an office look at a laptop and discuss investing, budget strategies or other financial concepts
Growth Shares

Here's why analysts love these buy-rated ASX 200 growth shares

There's a reason analysts are feeling bullish about these companies.

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Growth Shares

Big returns could be coming for high-flying Lovisa shares

Morgans doesn't believe it is too late to snap up this hot stock.

Read more »

Smiling young parents with their daughter dream of success.
Growth Shares

Why these ASX 200 growth shares could be top buys now

Analysts are feeling bullish about these growth stocks. Let’s see what they’re saying.

Read more »

Concept image of a man in a suit with his chest on fire.
Growth Shares

Ignore the noise and buy this hot ASX growth stock

A recent pullback may have created a buying opportunity according to Bell Potter.

Read more »