With so many growth shares to choose from on the Australian share market, it can be hard to decide which ones to buy over others.
To help narrow things down, I have picked out three ASX growth shares that could be top options for investors today. Here's what you need to know about them:
Audinate Group Limited (ASX: AD8)
The first ASX growth share to look at is Audinate. It is a leading digital audio-visual networking technologies provider. The key product in its portfolio is the Dante audio over IP networking solution. Management notes that Dante is the evolution of AV systems, converging all previous connection types into one. It delivers vastly superior performance while making these systems easier to use, easier to expand, and less expensive to deploy. The solution is the clear industry leader, with the number of Dante enabled products manufactured by its customers now eight times greater than its nearest rival. UBS has a buy rating and $10.40 price target on the company's shares.
Megaport Ltd (ASX: MP1)
Another growth share to look closely at is Megaport. It is an elasticity connectivity and network services company. Megaport's service allows users to increase and decrease their available bandwidth in response to their own demand requirements. This has proven very popular with businesses, leading to Megaport growing its recurring revenues at a rapid rate over the last few years. Pleasingly, this has continued in FY 2021. It recently released its third quarter update and revealed an 8% quarter on quarter increase in monthly recurring revenue (MRR) to $6.8 million. UBS was pleased with its update. In response, the broker retained its buy rating and lifted its price target to $17.10.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share to look at is Temple & Webster. It is Australia's leading online furniture and homewares retailer. While it was growing at a rapid rate prior to the pandemic, its growth went up a few levels during the crisis. This was due to the accelerating shift to online shopping. The good news is that online furniture shopping is still in its infancy in comparison to other areas of the retail market. This bodes well for the future, particularly given Temple & Webster's leadership position. Management is now investing heavily to take take advantage of the shift and cement its position as the market leader. Morgan Stanley is pleased with this strategy. It currently has an overweight rating and $15.00 price target on its shares.
