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. Its printed circuit board (PCB) design platforms are used in the design process of products in a range of industries such as the automotive, aerospace, consumer electronics and medical devices industries. While COVID-19 has softened demand for its offering, it appears well-placed to bounce back in a post-pandemic world. This is thanks to industry tailwinds, such as 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 Citi. It currently has a buy rating and $35.40 price target on its shares.
Kogan.com Ltd (ASX: KGN)
Another ASX growth share to look at is this growing ecommerce company. It has been benefitting greatly from the shift to online shopping over the last few years. Especially given its strong market position, growing private label business, and well-known brand. In addition, the company has made a number of acquisitions to strengthen its offering. This includes the acquisition of fellow online retailer Mighty Ape for $122 million last year. And while the company is going through a difficult spot as tailwinds ease and inventory builds up, this appears to be more than reflected in its recent share price performance.
Credit Suisse remains positive on Kogan. Its analysts currently have an outperform rating and $14.06 price target on its shares.
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 during the pandemic thanks partly to the shift to a cashless society, its high quality platform, and the accelerating digitisation of the church. It was because of the latter that Pushpay recently announced the US$150 million acquisition of Resi Media. This deal is expected to help Pushpay capture the shift toward more remote sermons and video streaming in the wake of the pandemic. Overall, this appears to have left Pushpay well-placed to continue its strong growth over the 2020s.
The team at Jarden are positive on the company's outlook. The broker currently has a buy rating and NZ$2.10 (A$2.00) price target on its shares.
