There are a number of companies in the tech sector that are growing at a strong rate currently.
Two tech options that you might want to get better acquainted with are listed below. Here's what you need to know about them:
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BetaShares Global Cybersecurity ETF (ASX: HACK)
The first option for investors to consider is actually an ETF rather than a single tech share. The BetaShares Global Cybersecurity ETF provides investors with access to the leading tech companies in the growing global cybersecurity sector.
This sector certainly is a great place to be right now. With the threat of cyberattacks on governments and businesses continuing to grow, demand for cybersecurity services has been increasing at a rapid rate. Positively for these companies, with more services moving to the cloud, this demand doesn't look likely to stop growing any time soon. This bodes well for the growth of the companies included in the BetaShares Global Cybersecurity ETF.
There are a total of 40 companies included in the fund that investors will own a slice of. These include Accenture, Cisco, Crowdstrike, Fortinet, Okta, Splunk, and VMware.
Megaport Ltd (ASX: MP1)
Another ASX tech share to look at is Megaport. It is a provider of elastic interconnection services across data centres globally.
Its provides a software layer that gives users an easy way to create and manage network connections. Through the Megaport network, businesses can deploy private point-to-point connectivity between any of the locations on Megaport's global network infrastructure.
The company has been benefiting greatly from the shift to the cloud over the last few years. Pleasingly, this has continued in FY 2021 with the company reporting Monthly Recurring Revenue (MRR) growth of 37% to $6.3 million at the end of the first half. If you annualise this, it works out to be revenue of $75.6 million, which is already 30% higher than FY 2020's revenue of $58 million.
Positively, this strong form was maintained in the third quarter. Megaport recently reported MRR of $6.8 million. This was an 8% increase since the end of December and annualises to $81.6 million.
This went down well with analysts at UBS. Last month the broker retained its buy rating and lifted its price target to $17.10.
