3 outstanding ASX growth shares to buy now

Check out these excellent growth shares…

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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:

Altium Limited (ASX: ALU)

The first ASX growth share to look at is Altium. It is an award-winning printed circuit board design software provider. Altium could be a top option for investors due to its outstanding long term growth potential thanks to its exposure to the rapidly growing Internet of Things and artificial intelligence markets. These are driving strong demand for its Altium Designer and Altium 365 software and also its other businesses such as Octopart.

Bell Potter is very positive on Altium, partly on the belief that it is a takeover target for Autodesk. The broker currently has a buy rating and $42.50 price target on the company’s shares.

ResMed Inc. (ASX: RMD)

Another ASX growth share to look at is ResMed. It is a medical device company which has a focus on sleep treatment solutions. Over the last decade the company’s revenue and earnings have grown at a very strong rate thanks to the quality of its products and its large and growing market opportunity. In respect to the latter, management estimates that there are almost one billion people with sleep apnoea globally (with only ~20% diagnosed) and a little under half a billion people that suffer from chronic obstructive pulmonary disease (COPD). This gives it a long runway for growth over the 2020s and beyond.

Morgans is a fan of ResMed and currently has an add rating and $40.80 price target.

Temple & Webster Group Ltd (ASX: TPW)

A final ASX growth share to look at is this online furniture and homewares retailer. It has been benefiting greatly over the last few years from the shift to online shopping. The good news is that Temple & Webster still has a long runway for growth over the next decade. Management estimates that just 7% to 9% of category sales were made online in 2020. This is significantly lower than the US which has ~25% of category sales online. Australia has a tendency of following the lead of the US with things like this, which bodes well for the company due to its strong market position.

Morgan Stanley has an overweight rating and $16.00 price target on Temple & Webster’s shares.

Should you invest $1,000 in Temple & Webster right now?

Before you consider Temple & Webster, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Temple & Webster wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

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 and Temple & Webster Group Ltd. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended ResMed Inc. and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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