Afterpay Ltd (ASX:APT) 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 could do a lot worse than the ones listed below.
Here’s why these ASX tech shares come highly rated right now:
Afterpay Ltd (ASX: APT)
Afterpay is a payments company that has been growing at a rapid rate over the last few years. This has been driven by the growing popularity of the buy now pay later payment method with consumers and retailers and its successful international expansion.
Pleasingly, this strong growth has accelerated in FY 2021 thanks to the shift to online shopping because of the pandemic.
Analysts at Bell Potter believe this strong form can continue. They expect this to be underpinned by a significant pipeline of catalysts including further integration with key ecommerce and payment infrastructure players, strong growth in customers and underlying sales in the US and UK, and its healthy net transaction margin.
Bell Potter has a buy rating and $140.00 price target on the company’s shares. This compares to the latest Afterpay share price of $110.12.
Nearmap Ltd (ASX: NEA)
Nearmap is an aerial imagery technology and location data company. It has been growing at a strong rate over the last few years thanks to increasing demand for its services in the ANZ and North American markets. And while the pandemic appears to be stifling its growth somewhat, management remains very positive on the future.
Thanks to geographic expansions, new growth initiatives, and the quality of its offering, particularly its new AI product, management believes the company is well-positioned for growth in the future.
It is targeting annualised contract value (ACV) growth of 20% to 40% per annum over the long term, with underlying churn of less than 10%.
Morgan Stanley is positive on the company’s future. The broker has an overweight rating and $3.10 price target on its shares. This compares to the current Nearmap share price of $2.13.
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.
*Returns as of June 30th
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- The Nearmap Ltd (ASX:NEA) share price is now 36% lower than its 52-week high
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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 Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.