Insights

2 exciting ASX growth shares to buy this month

ELMO Software Ltd (ASX:ELO) and this ASX growth share could be ones to buy in February. Here’s why they are rated highly…
The post 2 exciting ASX growth shares to buy this month appeared first on The Motley Fool Australia. –

man holding light bulb next to growing piles of coins

Are you looking to add a growth share or two to your portfolio? Then take a look at the two ASX shares listed below.

Here’s why they could be growth shares to buy right now:

ELMO Software Ltd (ASX: ELO)

The first ASX growth share to look at is ELMO. It is a cloud-based human resources and payroll software company that provides businesses with a unified platform to streamline a wide range of processes.

ELMO has been a strong performer during the pandemic and looks well-placed to continue this trend over the next decade. This is thanks to strong demand for its platform and recent acquisitions. The latter has bolstered its offering and expanded its addressable market.

Earlier this week Morgan Stanley put an overweight rating and $9.70 price target on its shares. This was in response to the release of its half year results on Tuesday. Those results revealed a 42.8% increase in Annualised Recurring Revenue (ARR) to a record $74.2 million.

Nearmap Ltd (ASX: NEA)

Another ASX growth share to look at is Nearmap. It is a leading aerial imagery technology and location data company. Its platform provides businesses in the ANZ and North American markets with instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools.

Nearmap appears well-placed for growth thanks to its recent capital raising, new growth initiatives, geographic expansion, and the launch of its latest AI product. So much so, management is targeting annualised contract value (ACV) growth of 20% to 40% per annum over the long term, with underlying churn of less than 10%.

Analysts at Goldman Sachs are positive on the company and were pleased with its half year results this week. In response to them, the broker put a buy rating and $2.95 price target on Nearmap’s shares. 

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

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 Elmo Software. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia has recommended Elmo Software and Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 2 exciting ASX growth shares to buy this month appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!