These growth shares have been tipped as buys…
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With so many growth shares to choose from on the Australian share market, it can be hard to decide which ones to buy over others.
To narrow things down, I have picked out three options that are highly rated to consider:
Altium Limited (ASX: ALU)
The first ASX growth share to consider is Altium. It is a leading printed circuit board (PCB) design software provider. As PCBs are found inside almost all electronic devices, this means Altium is exposed to the explosion of electronic devices globally. This bodes well for the future growth of is Altium Designer platform and its complementary businesses. The latter includes the NEXUS collaboration platform and the Octopart electronic parts search engine. Credit Suisse remains very positive on the company. The broker currently has an outperform rating and $42.00 price target on its shares.
ELMO Software Ltd (ASX: ELO)
Another growth share to look at is ELMO. It is a HR and payroll platform provider that has been growing at a consistently strong rate for years. This has been driven by a combination of the shift to the cloud, its international expansion, and acquisitions. The latter has strengthened its offering, opened up new market segments, and created cross- and up-selling opportunities. This leaves ELMO well-placed to continue winning a share of its significant market opportunity over the next decade. Morgan Stanley is positive on ELMO. It currently has a buy rating and $7.80 price target on its shares.
Pushpay Holdings Group Ltd (ASX: PPH)
A final growth share to look at is Pushpay. It is a leading donor management and community engagement platform provider for the faith sector. Thanks to the digitisation of the church and the shift to a cashless society, which have accelerated due to COVID-19, Pushpay has been growing at a strong rate over the last few years. This continued in FY 2021, with the company delivering a 40% increase in operating revenue to US$179.1 million and a 133% increase in EBITDAF to US$58.9 million. And while its growth is expected to moderate in FY 2022, management remains positive on its longer growth outlook. Jarden is bullish on Pushpay and has a buy rating and NZ$2.10 (A$2.00) price target on its shares.
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Motley Fool contributor 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 has recommended Altium, Elmo Software, and PUSHPAY FPO NZX. The Motley Fool Australia owns shares of and has recommended Altium, Elmo Software, and PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.