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3 of the best ASX shares you can buy today

Xero Limited (ASX:XRO) and these ASX shares have been named as some of the best shares to buy right now. Here’s what you need to know…
The post 3 of the best ASX shares you can buy today appeared first on The Motley Fool Australia. –

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If you’re currently searching for a few shares to add to your portfolio, then you could do a lot worse than the ones listed below.

Here’s why these ASX shares come highly rated right now:

Kogan.com Ltd (ASX: KGN)

Kogan is one of Australia’s leading ecommerce companies and the country’s answer to Amazon. It has been growing at a very strong rate in recent years and particularly in FY 2021 thanks to the acceleration of the shift to online shopping.

Last year Kogan raised a significant amount of funds via a capital raising. However, unlike many other companies that required funds to keep their operations afloat, Kogan raised the funds for acquisitions. It has since put these funds to work with the acquisition of furniture retailer Matt Blatt and New Zealand-based ecommerce company Mighty Ape. Both should given its sales growth a boost in the second half of FY 2021.

Analysts at Canaccord Genuity are very bullish on its outlook, particularly given the Mighty Ape acquisition. The broker sees significant synergies from the deal. Canaccord Genuity has a buy rating and $25.00 price target on Kogan’s shares.

NEXTDC Ltd (ASX: NXT)

Another ASX share to look at is NEXTDC. It is a leading data centre-as-a-service provider with a growing network of centres in key locations across Australia.

As with Kogan, NEXTDC has been a big winner from COVID tailwinds. On this occasion, it is the acceleration of the shift to the cloud. This has underpinned a significant increase in demand for capacity in its data centres and strong sales and earnings growth.

Looking ahead, the company now has its eyes on the Asian market and has opened up offices in a number of key locations. If this expansion is a success, it would give it a significant runway for growth over the next decade and beyond.

Analysts at Morgan Stanley are positive on the company. They currently have an overweight rating and $14.60 price target on its shares.

Xero Limited (ASX: XRO)

Finally, we have cloud business and accounting software company Xero. It has been growing at a rapid rate in recent years and, pleasingly, this has continued in FY 2021.

In November, Xero released its half year results and reported operating revenue growth of 21% over the prior corresponding period to NZ$409.8 million. This led to Xero’s annualised monthly recurring revenue (AMRR) growing 15% to NZ$877.6 million and was driven by a 19% increase in total subscribers to 2.45 million.

Goldman Sachs is very positive on the company and has a buy rating and $157.00 price target on its shares. The broker believes that Xero has a multi-decade runway for strong revenue growth ahead of it.

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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd and Xero. The Motley Fool Australia has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 3 of the best ASX shares you can buy today appeared first on The Motley Fool Australia.

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