If you're looking for some growth shares to add to your portfolio this week, then you may want to look at the ones below.
Here's what you need to know about these highly rated ASX growth shares:
Life360 Inc (ASX: 360)
The first ASX growth share to consider buying is Life360. It operates in the digital consumer subscription services market, with a focus on products and services for digitally native families, where all members of the household are connected by smartphones. That's most families these days.
The company's key offering is the increasing popular Life360 app, which offers families features such as communications, driver safety, and location sharing.
In addition, Life360 has also just expanded into the wearables and items tracking market via the acquisitions of Jiobit and Tile. This gives the company significant cross-selling opportunities to its large subscriber base of over 30 million active users (and growing).
The team at Bell Potter is very positive on Life360. As a result, they currently have a buy rating and $15.00 price target on its shares.
Xero Limited (ASX: XRO)
Another ASX growth share to consider buying is Xero. It is a leading cloud-based business and accounting software provider with a focus on small to medium sized businesses.
Over the last few years, the Xero platform has evolved from a simple accounting solution into a full service small business solution. This has led to millions of small to medium sized businesses globally subscribing and running their businesses through its platform, which has underpinned strong revenue and profit growth.
Like Life360, Xero is looking to monetise its growing subscriber base. This is by selling value added services from in-house or third party developers to users via its app marketplace.
Combined with its huge addressable market, the ongoing shift to cloud solutions, and its international expansion, Xero has been tipped to grow at a strong rate over the long term by Goldman Sachs.
In light of this, it currently has a buy rating and $158.00 price target on the company's shares.
