Do you want to add a growth share or two to your portfolio in April? If you do, then you might want to look at the ones listed below.
Here's why these could be growth shares to buy right now:
Image source: Getty Images
Altium Limited (ASX: ALU)
The first ASX growth share to look at is electronic design software provider Altium.
It appears well-placed for growth over the long term thanks to its market-leading Altium Designer software and cloud-based Altium 365 platform. These platforms are used for printed circuit board (PCB) design by some of the biggest companies and government organisations in the world. This includes Boeing, CSIRO, Microsoft, NASA, SpaceX, and Tesla.
Another positive is that demand for PCB design software is expected to increase strongly over the 2020s due to the proliferation of electronic devices globally.
Pleasingly, management is confident this will be the case. In February, it confirmed that it is targeting US$500 million in revenue and 100,000 subscribers by 2025. This compares to its revenue forecast of US$190 million to US$195 million in FY 2021 and its current subscriber base of 52,157.
UBS is positive on the company. It currently has a buy rating and $34.00 price target on Altium's shares.
IDP Education Ltd (ASX: IEL)
Another ASX growth share to look at is IDP Education. It is a leading provider of international student placement and English language testing services.
The last 12 months have been tough for the company due to the pandemic's impact on demand for its services. However, trading conditions are improving as vaccines are rolled out across the world. In addition, pent up demand looks likely to lead to a surge in demand once the crisis passes.
One broker that is particularly positive on the company is Macquarie. It currently has an outperform rating and $30.80 price target on the company's shares.
It notes that IELTS testing is expected to return to pre-COVID levels by December. It also expects the company's investments in its digital business to support margin improvements.
