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2 of the best ASX tech shares to buy and hold

Appen Ltd (ASX:APX) and this ASX tech share could be great long term options for investors right now. Here’s why…
The post 2 of the best ASX tech shares to buy and hold appeared first on The Motley Fool Australia. –

tech shares

Are you looking for investment options in the tech space? Then look no further! Listed below are two top ASX tech shares which have been tipped as buys.

They are as follows:

Altium Limited (ASX: ALU)

Inside almost all electronic devices you will find a printed circuit board (PCB). These circuit boards are highly complex and integral to the operation of these devices. As such, specialist software is required to design and manufacture them.

Altium is a leading PCB design software company which is aiming to dominate its industry this decade with its Altium Designer and cloud-based Altium 365 platforms. It has started strongly and is making big strides towards achieving this goal by FY 2026.

One broker that is confident on its prospects is Morgan Stanley. Its analysts have an overweight rating and $40.00 price target on the company’s shares.

Appen Ltd (ASX: APX)

Artificial intelligence (AI) is revolutionising our lives, often without us knowing. While the likes of Apple’s Siri and Amazon’s Alexa are clear and obvious examples of AI, there are other more subtle uses that impact our everyday lives. This includes shopping recommendations, facial recognition, healthcare diagnoses, your Uber ride, and social media feeds.

In order for AI models to work successfully, they need to be trained. This is where Appen comes in. Through its team of over one million skilled contractors, the company provides or prepares the training data for AI models. A testament to the quality of its service is its customer base. This includes Amazon, Facebook, Google, and Microsoft.

COVID-19 has put a dampener on its growth this year, but management expects to bounce back strongly in FY 2021. As do the analysts at UBS. Last week they retained their buy rating and $44.00 price target on its shares following its trading update.

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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 Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. 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.

The post 2 of the best ASX tech shares to buy and hold appeared first on The Motley Fool Australia.

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