Looking for growth shares to buy? Well, here's some good news! Listed below are two growth shares that have recently been named as buys.
Here's what you need to know about them:
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Nitro Software Ltd (ASX: NTO)
The first ASX growth share to look at is Nitro Software. It is a global document productivity software as a service company.
Thanks to its Nitro Productivity Suite, Nitro is a global player in the eSign and workflow productivity market. It allows organisations to drive better business outcomes through 100% digital document processes and fast, efficient workflows.
At the last count, Nitro had over 3 million licensed users and 13,000+ business customers across 157 countries. This includes over 68% of the Fortune 500 and three of the Fortune 10.
Goldman Sachs is very positive on the company and recently initiated coverage on its shares with a buy rating and $2.95 price target. It believes Nitro's revenues could explode over the coming years as its market share growth.
It said: "We estimate Nitro can increase its TAM penetration from 0.15% to 1.4% by FY40 implying 9x uplift to Nitro's current revenue base."
Pro Medicus Limited (ASX: PME)
Another ASX growth share that is highly rated is Pro Medicus. It provides industry-leading software that facilitates the clinical assessment of medical images.
Pro Medicus has been growing at a very strong rate in recent years thanks to the rapidly increasing demand for solutions that can process, transfer and store this type of data efficiently. This is particularly the case given that speed and accuracy is fundamentally linked to both treatment success and commercial incentives.
The company's strong form has continued in FY 2022. This week it released its half year results and reported a 40.3% increase in revenue to $44.3 million and a 52.7% jump in net profit after tax to $20.7 million.
The team at Bell Potter was pleased with this result and appears confident this strong growth can continue. This morning the broker retained its buy rating and $55.00 price target on the company's shares. Its analysts are forecasting full year revenue growth of 36% in FY 2022, 19% in FY 2023, and then 33% in FY 2024.
