3 excellent ASX growth shares that could be buys

Looking for growth shares? Then take a look at these three shares…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

There are a lot of growth shares for investors to choose from on the Australian share market.

To narrow things down, I have picked out three ASX growth shares that are highly rated. Here's what you need to know about them:

3 asx shares represented by investor holding up 3 fingers

Image source: Getty Images

Altium Limited (ASX: ALU)

The first ASX growth share to take a look at is Altium. It is the printed circuit board (PCB) design software provider behind the Altium Designer and Altium 365 platforms. These platforms are used in the design process of everything from automotive and aerospace to consumer electronics and medical devices. Demand looks set to increase for this type of software over the next decade thanks to numerous industry tailwinds. These include the Internet of Things and artificial intelligence booms, which are underpinning the proliferation of electronic devices globally.

One leading broker that is positive on the company is Credit Suisse. It currently has an outperform rating and $42.00 price target on its shares.

Kogan.com Ltd (ASX: KGN)

Another ASX growth share to look closely at is Kogan. It is a growing ecommerce company which is benefitting greatly from the shift to online shopping. This has underpinned very strong customer and sales growth over the last 18 months. And while the company is going through a difficult period as tailwinds ease and inventory builds up, this appears to be more than reflected in its recent share price performance. Furthermore, recent lockdowns look set to boost sales and help the company work through its excess inventory.

Analysts at Canaccord Genuity see a lot of value in the Kogan share price. Its analysts have a buy rating and $14.00 price target on its shares. The broker believes Kogan is over the worst of its issues and believes recent lockdowns will boost its earnings momentum.

Pushpay Holdings Group Ltd (ASX: PPH)

A final growth share to look at is Pushpay. It is a leading donor management and community engagement platform provider for the faith sector. It has been a strong performer over the last few years. This has been driven by the accelerating digitisation of the church and its industry-leading technology. Demand was so strong the company reported a 40% increase in operating revenue to US$179.1 million and a 133% increase in EBITDAF to US$58.9 million in FY 2021. Looking ahead, management is forecasting further growth in FY 2022 and is planning to expand into a new market.

Jarden currently has a buy rating and NZ$2.10 (A$2.00) price target on its shares.

Motley Fool contributor 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 and has recommended Altium, Kogan.com ltd, and PUSHPAY FPO NZX. The Motley Fool Australia owns shares of and has recommended Altium, Kogan.com ltd, and PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

comical investor reading documents and surrounded by calculators
Broker Notes

6 ASX shares at 52-week lows: Buy, hold, or sell?

The market finished lower on Thursday as the conflict in Iran dragged on.

Read more »

A girl sits on her bed in her room while using laptop and listening to headphones.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing session for the markets this Thursday.

Read more »

Man going down a red arrow, symbolising a sliding share price.
Record Lows

This ASX retail giant's shares just hit a record low. What's going on?

Ongoing margin pressure keeps Endeavour shares near record lows.

Read more »

A wine technician in overalls holds a glass of red wine up to the light and studies it.
52-Week Lows

Treasury Wine shares just tumbled to 14-year lows. Screaming bargain or falling knife?

Trading at 14-year lows, are Treasury Wine shares poised for a rebound?

Read more »

A worried woman sits at her computer with her hands clutched at the bottom of her face.
Share Fallers

These 3 ASX 200 shares have hit fresh multi-year lows: Buy, sell or hold?

One of these stocks has crashed over 50% over the past year alone.

Read more »

Business people discussing project on digital tablet.
Broker Notes

Buy, hold, sell: Breville, Collins Foods, and MA Financial shares

Let's see if analysts are bullish or bearish on these names.

Read more »

Smiling couple looking at a phone at a bargain opportunity.
Share Gainers

Why Catapult, DroneShield, Infratil, and Qoria shares are charging higher today

These shares are having a good session on Thursday. But why?

Read more »

An oil refinery worker stands in front of an oil rig with his arms crossed and a smile on his face.
Energy Shares

New ratings on 4 ASX 200 energy shares: experts

Leading brokers have recently updated their ratings and 12-month share price targets.

Read more »