Looking for tech shares? Take a look at these…
The post 3 excellent ASX tech shares that could be buys appeared first on The Motley Fool Australia. –
If you’re looking for growth shares to buy, then the tech sector could be a great place to start. At this side of the market, there are a number of companies with the potential to grow materially over the next decade.
With that in mind, I have picked out three top tech shares that could be buys. Here’s what you need to know about them:
BetaShares Global Cybersecurity ETF (ASX: HACK)
The first option to look at is actually an ETF that gives you access to a group of tech shares. The BetaShares Global Cybersecurity ETF aims to track the performance of an index that provides investors with access to the leaders in the growing global cybersecurity sector. Among the 40 companies that you’ll be investing in with this ETF are the likes of Accenture, Cisco, Cloudflare, Crowdstrike, Okta. Positively, with demand for these types of services increasing due to the growing threat of cyberattacks on governments and businesses, the future looks very bright for this ETF.
Another tech share to look at is Life360. It is the San Francisco-based technology company behind the incredibly popular Life360 mobile app. This is a market leading app for families, offering features such as communications, driver safety, and location sharing. During the three months ended 30 June, Life360 grew its user base by over 4 million to 32 million users. This is underpinning significant recurring revenues and shows no signs of slowing. Another positive is that the company has just made a major acquisition which has broadened its product range and opened up cross-selling opportunities to its massive user base. All in all, the company appears well-placed to continue its strong growth for some time to come. Credit Suisse is a fan and currently has an outperform rating and $10.00 price target on its shares.
Nitro Software Ltd (ASX: NTO)
A final tech share to look at is Nitro Software. It is the document productivity software company behind the Nitro Productivity Suite. This software provides integrated PDF productivity and electronic signature tools to businesses large and small. Demand has been growing rapidly and is underpinning strong recurring revenue growth. For example, at the end of June, Nitro’s annualised recurring revenue (ARR) reached US$33.8 million. This was an increase of 56% over the prior corresponding period. Pleasinginly, the future looks bright thanks to a number of positive tailwinds such as working from home. It also just announced a key acquisition and integration with Salesforce. Wilsons is very positive on the company. Its analysts currently have a buy rating and $4.22 price target on Nitro’s 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 BETA CYBER ETF UNITS and Life360, Inc. The Motley Fool Australia owns shares of and has recommended BETA CYBER ETF UNITS. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.