2 outstanding ASX growth shares to buy

Here’s why growth investors might want to look at Nuix Limited (ASX:NXL) and this highly rated ASX growth share…
The post 2 outstanding ASX growth shares to buy appeared first on The Motley Fool Australia. –

Surge in ASX share price represented by happy woman pointing to her big smile

The Australian share market is home to a good number of shares that are growing at a strong rate.

Two exciting ASX growth shares that are worth looking closely at are listed below. Here’s what you need to know about them:

Megaport Ltd (ASX: MP1)

Another ASX growth shares to look at is Megaport. It is a leading global provider of elastic interconnection services across data centres globally.

Megaport’s networking equipment is installed in hundreds of data centres around the world, which has created a software layer that provides an easy way for users to create and manage network connections. This means that through the Megaport network, users are able to create and run a global network with or without the need for physical infrastructure.

Earlier this month Megaport released its half year results, which revealed Monthly Recurring Revenue (MRR) of $6.3 million. This was up an impressive 37% year on year and annualises to revenue of $75.6 million.

The team at Goldman Sachs were pleased with this half year update. In response to it, the broker put a buy rating and $15.55 price target on Megaport’s shares. Goldman feels the migration to public cloud infrastructure is likely to remain a strong theme and expects Megaport to benefit greatly from it.

Nuix Limited (ASX: NXL)

Another ASX growth share to look at is Nuix. It is a leading provider of investigative analytics and intelligence software. Through its Discover, Workstation, and Investigate platforms, users are able to transform massive amounts of messy data from emails, social media, communications, and other human-generated content into actionable intelligence. This means they can search it, filter it, visualise it, analyse it, and find the truth it holds.

The company’s software has been used in a number of important investigations. This includes the Panama Papers and the Banking Royal Commission. Current users include AIG, Airbus, Amazon, BDO, HSBC, Samsung, and Unilever.

Demand has been strong for its services and led to Nuix reporting a 25.9% increase in total revenue to $175.9 million in FY 2020. This revenue is largely from subscriptions, with subscription revenues now accounting for 88.7% of its total revenue.

One broker that is a fan is Morgan Stanley. It currently has an overweight rating and $11.00 price target on the company’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 MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended MEGAPORT FPO and Nuix Pty 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 outstanding ASX growth shares to buy 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!