Are you interested in adding some ASX growth shares to your portfolio this month? If you are, you may want to look at the ones listed below that have recently been named as buys.
Here’s what you need to know about them:
Appen Ltd (ASX: APX)
The first ASX growth share to look at is data services company Appen. Its million-strong crowdsourced experts prepare the data that goes into artificial intelligence (AI) and machine learning models. A testament to the quality of its service is that many of the biggest tech companies in the world such as Google and Facebook are customers. And while demand softened during the pandemic, there are signs that a rebound is taking place.
Citi recently put a buy rating and $18.00 price target on its shares.
Life360 Inc (ASX: 360)
Another ASX growth share to look at is Life360. It is the growing technology company behind the Life360 mobile app. This is a market leading app for families. It offers useful features such as communications, driver safety, and location sharing. The company has also recently expanded into the wearables market via the acquisition of Jiobit. This increases its total addressable market and opens up cross selling opportunities. At the end of June, it had more than 32 million users on its platform. This was over 4 million more than it had just three months earlier.
Morgan Stanley currently has an overweight rating and $9.80 price target on its shares.
Temple & Webster Group Ltd (ASX: TPW)
A final ASX growth share to look at is this online furniture and homewares retailer. It recently released its FY 2021 results and revealed an 85% increase in revenue to $326.3 million and a 141% jump in EBITDA to $20.5 million. Pleasingly, the company still has a long runway for growth over the next decade. This is due to increasing online penetration rates and its leadership position online. The company estimates that in 2020 just 7% to 9% of category sales were made online.
Morgan Stanley has an overweight rating and $16.00 price target on Temple & Webster’s shares.