Adore Beauty Group Limited (ASX:ABY) and this ASX tech share have been named as ones to buy right now. Here’s what you need to know…
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If you’re currently searching for a couple of tech shares to add to your portfolio, then you might want to check out the ones listed below.
Here’s why these ASX tech shares come highly rated right now:
Adore Beauty Group Limited (ASX: ABY)
The first ASX tech share to look at is Adore Beauty. It is Australia’s number one pureplay online beauty retailer. Its aims to deliver users an empowering and engaging beauty shopping experience personalised to their needs.
Management notes that education and entertainment are core elements of Adore Beauty’s offering. As a result, its platform is a destination for beauty consumers even when they are not seeking to purchase items.
The company’s aspiration is to transform the beauty shopping experience and drive online penetration in order to own the beauty category in Australia and New Zealand. Furthermore, it wants to be the pre-eminent online destination for a broad selection of premium beauty, wellness, personal care products across skin, hair, make up, accessories and close adjacencies.
It certainly is going the right way about this. At the last count, the company had almost 600,000 active customers and was expecting to generate revenue of $158.2 million from them in calendar year 2020.
Morgan Stanley is a fan of the company and has an overweight rating and $8.35 price target on its shares.
Life360 Inc (ASX: 360)
Another ASX tech share to look at is app maker Life360. The San Francisco-based company provides families with a market leading app with a wide range of features.
These include real-time location sharing and notifications and driving safety features like Crash Detection and Roadside Assistance. Ultimately, the company aims to create tools that remove uncertainty from modern life, so families can feel free, together.
At the last count, the company had more than 25 million monthly active users (MAU) across 195 countries.
One broker that is very positive on Life360 is Bell Potter. In fact, it was the broker’s top pick in the tech sector for 2021. Its analysts currently have a buy rating and $7.70 price target on its shares.
Bell Potter notes that the company is carving out a significant global footprint with its family app at the core. The broker also believes it will benefit greatly once the pandemic passes and people are on the move again.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.