A number of the highest quality ASX shares on the local share market trade with share prices above $100.
This includes the likes of Cochlear Ltd (ASX: COH), CSL Ltd (ASX: CSL), REA Group Ltd (ASX: REA), and Xero Ltd (ASX: XRO).
It is worth noting that a company's share price in isolation doesn't indicate that a company is overvalued or not. Brainchip Holdings Ltd (ASX: BRN) is arguably the most overvalued stock on the Australian share market with a share price of 32 cents.
However, one disadvantage with ASX shares that have large share prices is that it can be difficult to purchase them if you're operating on a budget of say $500.
For example, two CSL shares will set you back $570 and two Cochlear shares will cost you $684.
The good news is that there are a number of ASX shares trading under $30 that could be no-brainer buys according to analysts. Three are named below:
Life360 Inc (ASX: 360)
This rapidly growing location technology company's shares are currently changing hands for $7.77. This means you could buy 65 shares with a $505.05 investment.
Goldman Sachs is very bullish on the company's growth outlook. So much so, it has a buy rating and $10.50 price target on its shares.
If Life360's shares were to rise to that level, your 65 units would be worth $682.50.
ResMed (ASX: RMD)
This sleep disorder treatment could be a top ASX share to buy on a budget. With a share price of $27.85, it would cost you $501.30 to buy 18 units.
Morgans has named the company as one of its best ideas this month with an add rating and $32.82 price target.
If this recommendation proves accurate, your 18 ResMed shares would be worth $590.76.
Treasury Wine Estates Ltd (ASX: TWE)
Wine giant Treasury Wine could be an ASX share to buy right now. With a $502.66 investment you could pick up 41 units.
Morgans is also a big fan of the company and has an add rating and $14.03 price target on its shares. This price target values your 41 Treasury Wine shares at $575.23.
