2 stellar ASX shares growing rapidly

Appen Ltd (ASX:APX) and this ASX growth share could be great options for investors. Here’s why they are rated highly right now…

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If you’re searching for a growth share or two to add to your portfolio then the three listed below could be worth considering.

Both have been growing strongly 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)

The first growth share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning (ML) and artificial intelligence (AI). Datasets are an integral part of the development, as without high quality data, a model will never fulfil its potential. 

Using its team of over one million crowdsourced experts, Appen can ensure that companies receive the high quality data they need.

It has been growing at a very impressive rate over the last few years thanks to the importance of AI and ML for businesses and governments. And while the pandemic has stifled its growth somewhat, the future remains very bright. Especially with spending on AI and ML expected to increase strongly over next decade.

Citi is positive on the company’s outlook. It has a buy rating and a $30.90 price target on its shares.

Pushpay Holdings Group Ltd (ASX: PPH)

Another growth share that is growing quickly is Pushpay. It is a donor management and community engagement platform provider for the faith and not-for-profit sectors.

Pushpay has been benefiting greatly from a number of major trends. One is the shift to a cashless society. With many people no longer carrying money around with them, rattling the donation bucket just doesn’t cut it anymore. In addition to this, the digitisation of the church and the need to engage more efficiently with church-goers has supported adoption.

While there are concerns that the pandemic might have brought forward sales from future periods, potentially leading to slower growth in FY 2022, it could be worth overlooking this and focusing on the long term.

After all, Pushpay is targeting a 50% share of the medium to large US church market in the future. This is a US$1 billion opportunity and many multiples of its current revenue. It also has opportunities to expand into other regions to increase its addressable market.

Goldman Sachs is a fan of Pushpay. It currently 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 Appen Ltd and PUSHPAY FPO NZX. 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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