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2 excellent ASX mid cap shares to buy

Audinate Group Limited (ASX:AD8) and this ASX mid cap share could be quality options for investors right now. Here’s why…
The post 2 excellent ASX mid cap shares to buy appeared first on The Motley Fool Australia. –

A drawing of a white rocket streaking up, indicating a surging share pirce movement

If small caps are too risky for your tastes, then you might want to look a little higher up on the risk scale at mid cap shares.

These shares still have the potential to grow rapidly in the future but, as they are more established than small caps, they are less likely to go bust in the near term.

But which mid cap shares should you consider? Two that you might want to get better acquainted with are listed below:

Audinate Group Limited (ASX: AD8)

Audinate is a $540 million digital audio-visual networking technologies provider. Although the COVID-19 pandemic has been weighing on its short term performance, it looks well-placed to rebound once the pandemic passes. Particularly given the quality of its Dante product and its massive market opportunity.

The Dante product replaces all audio connections with a computer network. It then effortlessly sends hundreds of channels of audio over slender ethernet cables with perfect digital fidelity. Dante is the clear market leader, with eight times as many enabled devices as its nearest rival.

UBS believes Audinate is well-placed for growth thanks to its technology and the structural shift it is benefiting from. Its analysts have a buy rating and $10.10 price target on its shares.

ELMO Software Ltd (ASX: ELO)

ELMO is a $456 million cloud-based human resources and payroll software company. It provides a unified platform to streamline processes for employee administration, recruitment, on-boarding, learning, performance, remuneration, compliance training and payroll.

ELMO has been a strong performer in recent years and looks well-placed to continue this trend over the next decade. This is thanks to the shift to the cloud, its international expansion, and recent bolt on acquisitions.

Morgan Stanley is positive on ELMO and currently has an overweight rating and $9.70 price target on its shares.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends BIGTINCAN FPO and Elmo Software. The Motley Fool Australia has recommended BIGTINCAN FPO and Elmo Software. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 2 excellent ASX mid cap shares to buy appeared first on The Motley Fool Australia.

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