Luckily for investors, the tech sector is filled with companies with strong growth potential.
But which ones are in the buy zone right now? Three that are highly rated by analysts right now are listed below:
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Adore Beauty Group Limited (ASX: ABY)
The first ASX tech share to look at is Adore Beauty. It is a leading online retailer in the $11.2 billion Australian beauty and personal care market. Adore Beauty currently has almost 1 million active customers using its platform. From these customers, it generated revenue of $63.8 million during the first quarter. Even annualised, this implies only a modest market share at present, which gives it plenty of room to grow in the future. UBS is a fan of the company and currently has a buy rating and $6.00 price target on its shares.
Hipages Group Holdings Ltd (ASX: HPG)
Another ASX tech share to consider is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies. It has also just announced the proposed acquisition of New Zealand-based Builderscrack for A$11.8 million. It is a leading online tradie marketplace with 4,000 active tradies and 200,000 registered homeowners across the NZ$26 billion total addressable market. Goldman Sachs is very positive on Hipages future and believes it is well-positioned for growth over the long term. The broker currently has a buy rating and $4.95 price target on its shares.
Life360 Inc (ASX: 360)
A final ASX tech share to look at is Life360. It operates in the digital consumer subscription services market, with a focus on products and services for digitally native families. The company's increasingly popular app currently has over 30 million active users across the globe. It has also bolstered its offering with complementary acquisitions of wearables company Jiobit and items tracking company Tile. These provide significant cross-selling and expansion opportunities. Bell Potter is very bullish on Life360's future. So much so, the broker has a buy rating and $16.25 price target on them.
