If you're a growth investor, then it could be worth checking out the shares named below.
These three ASX growth shares have been growing at a rapid rate and have been tipped to continue this trend long into the future.
Here's why analysts think they are in the buy zone this month:
Life360 Inc (ASX: 360)
The first ASX growth share for investors to look at is Life360.
It is a Silicon Valley-based technology company with a focus on products and services for digitally native families. Its key product is the Life360 app, which has 60 million active users.
The company has also recently announced plans to monetise its user base further by launching an advertising business.
Goldman Sachs is very positive on the company's outlook. It highlights that it is "exposed to a US$12bn global TAM with a large opportunity to expand its product suite, grow average revenue per paying circle (ARPPC), increase payer conversion, and lift penetration rates outside of the US."
The broker currently has a buy rating and $14.20 price target on its shares.
NextDC Ltd (ASX: NXT)
Another ASX growth share that could be a top option is NextDC. It is a technology company enabling business transformation through innovative data centre outsourcing solutions, connectivity services, and infrastructure management software.
NextDC has been a market-beater over the last decade thanks to strong demand for its services and its growing data centre footprint.
The good news is that demand looks set to remain strong for some time to come thanks to the cloud computing and artificial intelligence booms. In addition, the company has been expanding overseas and into regional areas to meet demand in these locations.
Macquarie is feeling bullish about the company's outlook and responded very positively to the company's recent half-year results.
So much so, it retained its outperform rating and lifted its price target on its shares to $20.00.
TechnologyOne Ltd (ASX: TNE)
A third ASX growth share that could be in the buy zone according to analysts is TechnologyOne.
It is a global software as a service (SaaS) enterprise resource planning (ERP) solution provider that transforms business and aims to make life simple for its customers.
The company has been delivering on its aims and more, which has underpinned significant recurring revenue growth in recent years. The good news is that Bell Potter believes this trend can continue in the company years.
It recently highlighted that if its net revenue retention (NRR) metric remains at 115%+, it "suggests the outlook remains positive and the company can double revenue every five years or so via organic growth alone."
Bell Potter has a buy rating and $18.50 price target on Technology One's shares.
