Are you interested in adding some more ASX shares to your portfolio this week?
Two ASX growth shares that could be worth considering are listed below. 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 a leading printed circuit board (PCB) design software provider. Thanks to its leadership position in a market growing rapidly thanks to the Internet of Things and AI trends, management has set itself some bold growth targets over the coming years. This includes more than doubling its revenue to US$500 million by 2026 and market domination.
Bell Potter is a fan of the company and has put a buy rating and $34.00 price target on its shares. It dismissed concerns that Altium could miss its guidance in FY 2022.
We do not, however, believe this [missing guidance] is the case as: 1. 1HFY22 revenue growth was strong; 2. Altium narrowed the revenue guidance range towards the upper end in late February knowing it would implement these marketing initiatives in Q4; 3. The strong momentum in Octopart in 1HFY22 is likely to continue into 2HFY22 and offset any weakness in China (due to lockdowns) and Russia.
Aristocrat Leisure Limited (ASX: ALL)
Another ASX growth share to look at is Aristocrat Leisure. It is one of the world's leading gaming technology companies. Aristocrat has been growing at a strong rate in recent years thanks to continued pokie machine market share gains and the strong form of its digital business, Pixel United. The latter continues to grow strongly and generate significant recurring revenues from its hugely popular portfolio of games. Combined with its share buyback and potential expansion into the real money gaming market, this bodes well for its earnings per share growth in the coming years.
Morgans is a fan of the company. It has an add rating and $43.00 price target on its shares. It said:
It has delivered revenue growth of 17% pa over the past five years and 80% of revenue in FY21 was recurring. We expect ALL to continue to take market share in all its product segments. Demand for its gaming machines and digital games is resilient to economic cycles.
