Looking for a growth share or two to buy after the Easter break? Three that could be worth considering are listed below.
All three have been growing strongly in recent years and look well-placed for more of the same during the 2020s. Here’s what you need to know about these ASX growth shares:
Appen Ltd (ASX: APX)
Appen is a leading developer of high-quality, human annotated datasets for machine learning (ML) and artificial intelligence (AI). It has been growing at a very impressive rate over the last few years thanks to the explosive growth in AI and ML spending. And while the pandemic has stifled its growth, the future remains very bright. With AI and ML markets expected to continue their strong growth for many years to come, Appen appears well-placed to deliver above-average growth over the next decade. Ord Minnett currently has a buy rating and a $24.75 price target on its shares.
Megaport Ltd (ASX: MP1)
Megaport is an elasticity connectivity and network services company. Its increasingly popular service allows businesses to increase and decrease their available bandwidth in response to their own demand requirements. This is instead of a user being tied to a fixed service level on long-term and expensive contracts. Demand for its service has been growing very strongly, leading to stellar recurring revenue growth. Goldman Sachs is a fan of Megaport thanks to its positive long term growth outlook. The broker has a buy rating and $15.55 price target on its shares.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is a fast-growing donor management platform provider for the faith and not-for-profit sectors. It has been growing its earnings at a rapid rate over the last few years and more of the same is expected in FY 2021 following a very strong first half. Looking further ahead, Pushpay is targeting a 50% share of the medium to large US church market. This is a US$1 billion opportunity and many multiples of its current revenue. Given the quality of its offering and favourable industry tailwinds, it looks well-placed to achieve this. Goldman Sachs is also a fan of Pushpay. It currently has a buy rating and $2.59 price target on its shares.