NEXTDC Ltd (ASX:NXT) and this ASX growth share could be great options for investors this month. Here’s what you need to know…
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The Australian share market is home to a number of companies with the potential to grow at a strong rate over the 2020s. This certainly is good news for growth investors.
But which ones should you buy? Two to consider are listed below:
Bigtincan Holdings Ltd (ASX: BTH)
Bigtincan is a leading provider of enterprise mobility software. This software allows sales and service organisations to improve mobile worker productivity through smart devices. It has a number of blue chip clients such as Australia and New Zealand Banking Group (ASX: ANZ), sports giant Nike, and global beauty retailer Sephora.
In February, the company revealed that it expects to achieve the top end of its annualised recurring revenue (ARR) guidance range of $49 million to $53 million in FY 2021. This will be up a sizeable 48% from FY 2020’s ARR of $35.8 million.
One broker that is positive on the company is Morgan Stanley. It currently has an overweight rating and $1.40 price target on its shares. This compares to the latest Bigtincan share price of 94 cents.
NEXTDC Ltd (ASX: NXT)
Another company that has been growing quickly and looks well-placed to continue this trend is NEXTDC. This data centre operator has been capitalising on the ever-increasing amount of data being consumed by consumers and businesses. Positively, this consumption is only going to increase in the future as more software moves to the cloud and 5G internet adoption grows.
In addition to this, the company has plans to expand into the Asia market. This will give it a significant runway for growth in the future.
Goldman Sachs is positive on the company’s outlook. In February, its analysts put a buy rating and $13.50 price target on the company’s shares. This compares to the most recent NEXTDC share price of $10.71.
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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends BIGTINCAN FPO. The Motley Fool Australia has recommended BIGTINCAN FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.