Here’s why I would be buying Altium Limited (ASX:ALU) and these ASX growth shares after the market selloff…
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While the market volatility this week has been disappointing, every cloud has a silver lining.
The silver lining in this selloff is the pullback in the share prices of some quality growth shares.
Three ASX growth shares that I would buy after the selloff are listed below:
Altium Limited (ASX: ALU)
The Altium share price is now trading approximately 12% lower than its 52-week high. I think this could make it a good time to buy the electronic design software platform provider’s shares. Especially given its outstanding long term growth potential thanks to its exposure to the rapidly growing Internet of Things and AI markets. These are driving strong demand for its Altium Designer software and also its other businesses such as Octopart and NEXUS.
Appen Ltd (ASX: APX)
Another growth share to buy is this leading developer of high-quality, human-annotated training data for machine learning and artificial intelligence. The Appen share price is currently trading 23% lower than its 52-week high. And while this means it is still trading at a premium to the market average, I believe it is great value considering its growth potential. I’m confident Appen can grow its earnings at a strong rate over the 2020s thanks to its leadership position in a market growing very quickly.
Xero Limited (ASX: XRO)
A final growth share to buy is this cloud-based business and accounting software provider. The Xero share price hasn’t fallen back as much as the rest from its 52-week high. However, a 7% discount to what some investors were willing to pay less than a couple of weeks ago seems like a good deal to me. Especially if you’re planning to make a buy and hold investment. Due to the quality of its platform, its stickiness, and its successful evolution into a full-service small business solution, I believe Xero is well-placed for solid growth over the next decade.
Where to invest $1,000 right now
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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 Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd., PUSHPAY FPO NZX, and Xero. The Motley Fool Australia owns shares of and has recommended A2 Milk and Bravura Solutions Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia has recommended PUSHPAY FPO NZX and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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