3 top ASX growth shares that experts say are buys

These growth shares could be in the buy zone right now…

| More on:
Man pointing an upward line on a bar graph symbolising a rising share price.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're a growth investor with room for some new portfolio additions, then it could be worth considering the three ASX growth shares listed below.

Here's what you need to know about these buy-rated ASX shares:

Dicker Data Ltd (ASX: DDR)

The first growth share to look at is Dicker Data. It is a leading technology hardware, software, and cloud distributor, which distributes a growing portfolio of products from the world's leading technology vendors from its new state of the art distribution centre.

It has been growing at a consistently solid rate for years and the team at Morgan Stanley appear confident this trend can continue thanks to ongoing industry tailwinds. The broker has an overweight rating and $16.00 price target on its shares.

Nitro Software Ltd (ASX: NTO)

Another ASX growth share to look at is document productivity software company Nitro Software. It is the company behind the popular Nitro Productivity Suite, which provides businesses of all sizes with an integrated PDF productivity and electronic signature tools. At the end of FY 2021, the company had over 1 million active subscriptions and reported over 22 million eSignature requests across its platforms.

Goldman Sachs is bullish on Nitro and has a buy rating and $2.60 price target on its shares. It recently commented: "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."

Xero Limited (ASX: XRO)

A final ASX growth share to consider buying is Xero. Over the last few years, the Xero platform has evolved from a simple cloud-based 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.

The good news is the company still has a very long growth runway, which Goldman Sachs believes has the potential to underpin multi-decade strong top line growth. Goldman has a buy rating and $135.00 price target on the company's shares.

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 and has recommended Dicker Data Limited and Xero. The Motley Fool Australia owns and has recommended Dicker Data Limited and Xero. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Growth Shares

a happy investor with a wide smile points to a graph that shows an upward trending share price
Growth Shares

Here are the top five ASX 200 shares in Macquarie's model growth portfolio

These ASX 200 shares are highly rated by analysts at Macquarie.

Read more »

a man with a wide, eager smile on his face holds up three fingers.
Growth Shares

3 ASX shares to buy in 2024 and hold for the next 10 years

Analysts think these top shares are in the buy zone right now.

Read more »

A man leans forward over his phone in his hands with a satisfied smirk on his face although he has just learned something pleasing or received some satisfying news.
Growth Shares

4 ASX growth shares I think will benefit from interest rate cuts in 2024

Not only will home loan holders rejoice, investors of these stocks could also be yelling with joy when the Reserve…

Read more »

A smiling woman sits in a cafe reading a story on her phone about Rio Tinto and drinking a coffee with a laptop open in front of her.
Growth Shares

3 of the best ASX growth shares to buy now

Analysts see plenty of upside for these buy-rated shares.

Read more »

A man and woman in an office look at a laptop and discuss investing, budget strategies or other financial concepts
Growth Shares

Here's why analysts love these buy-rated ASX 200 growth shares

There's a reason analysts are feeling bullish about these companies.

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Growth Shares

Big returns could be coming for high-flying Lovisa shares

Morgans doesn't believe it is too late to snap up this hot stock.

Read more »

Smiling young parents with their daughter dream of success.
Growth Shares

Why these ASX 200 growth shares could be top buys now

Analysts are feeling bullish about these growth stocks. Let’s see what they’re saying.

Read more »

Concept image of a man in a suit with his chest on fire.
Growth Shares

Ignore the noise and buy this hot ASX growth stock

A recent pullback may have created a buying opportunity according to Bell Potter.

Read more »