Looking for growth? Check out these tech shares…
The post 3 excellent ASX tech shares appeared first on The Motley Fool Australia. –
If you’re looking to add some tech shares to your portfolio, then you may want to look at the shares listed below.
Here’s why these ASX tech shares could be top options for growth-focused investors:
Adore Beauty Group Limited (ASX: ABY)
The first ASX tech share to look at is Adore Beauty. Australia’s leading online beauty retailer has been growing strongly in recent years thanks to the structural shift online which accelerated during the pandemic. The good news is that with online penetration rates for beauty products still much lower than other categories, Adore Beauty appears very well-positioned to continue its growth over the next decade.
UBS has a buy rating and $5.60 price target on the company’s shares.
Life360 Inc (ASX: 360)
Another tech share to look at is Life360. It is the San Francisco-based technology company behind the eponymous Life360 mobile app. This is a market leading app for families, offering features such as communications, driver safety, and location sharing. At the end of June, it had more than 32 million users on its platform. This was over 4 million more than it had just three months earlier.
Credit Suisse has an outperform rating and $10.00 price target on its shares. It is confident the company can exceed its guidance in FY 2021.
Xero Limited (ASX: XRO)
A final ASX tech share to look at is Xero. This cloud accounting and business platform provider has been growing at a rapid rate in recent years thanks to its successful evolution into a full-service solution and the ongoing shift to the cloud. Positively, despite the company now having 2.74 million subscribers, it is still only scratching a the surface of its global market opportunity. For example, 1.56 million or 57% of these subscribers are from the relatively small ANZ market, which demonstrates just how large its market is outside the home market.
Goldman Sachs is very positive on Xero’s future. It currently has a buy rating and $153.00 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 Life360, Inc. and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia owns shares of and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.