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:
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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.
