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3 stellar ASX growth shares named as buys

These growth shares are highly rated right now…
The post 3 stellar ASX growth shares named as buys appeared first on The Motley Fool Australia. –

If you’re planning to add some growth shares to your portfolio this month, then you might want to look at the shares listed below.

All three of these ASX growth shares have been tipped as buys recently. Here’s what you need to know about them:

Altium Limited (ASX: ALU)

The first growth share to look at is Altium. It is a leading printed circuit board (PCB) design software provider. It is the company behind the Altium Designer and cloud-based Altium 365 platforms, the Octopart search engine, and the Nexus workflow PCB solution.

With PCBs found inside almost all electronic devices, the company is exposed to the proliferation of electronic devices globally due to the rapidly growing Internet of Things and artificial intelligence markets.

While demand has softened during the pandemic, it is beginning to rebound and is expected to get stronger in the coming years. So much so, management expects to more than double its revenue over the next five years.

Analysts at Credit Suisse are positive on the company. The broker currently has an outperform rating and $42.00 price target on its shares.

Hipages Group Holdings Ltd (ASX: HPG)

Another ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider. The Hipages platform connects consumers with trusted tradies to simplify home improvement. At the last count, there were over 34,000 tradies using the platform.

It recently released its fourth quarter update and revealed strong growth across all key metrics. This led to Hipages outperforming its upgraded full year revenue guidance with a 22% year on year jump to $55.8 million.

Analysts at Goldman Sachs are very bullish on the company’s prospects. The broker believes it has a huge growth runway ahead as its ecosystem builds. Goldman has a buy rating and $4.10 price target on its shares.

PointsBet Holdings Ltd (ASX: PBH)

A final growth share to look at is PointsBet. It is a sports wagering operator and iGaming provider with operations in the ANZ and US markets. PointsBet has been growing at a rapid rate thanks to the increasing popularity of mobile sports betting and innovative new products.

For example, for the 12 months ended 30 June, PointsBet’s full year turnover jumped 228% to $3,781.4 million. Driving this strong growth was a 117% annual increase in Australian active clients to 196,585 and a 661% increase in US active clients to 159,321.

Pleasingly, its growth is only really getting started. This is particularly the case in the United States where regulation changes are creating huge opportunities.

Goldman Sachs is a big fan of PointsBet due to its massive opportunity in the United States. It estimates that the company has a US$50 billion total addressable market (TAM) in the US.

The broker currently has a buy rating and $14.90 price target on its shares.

The post 3 stellar ASX growth shares named as buys appeared first on The Motley Fool Australia.

Should you invest $1,000 in PointsBet right now?

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More reading

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These were the best performing ASX 200 shares last week

ASX 200 up, Baby Bunting drops, Pointsbet rises

Why AGL, PointsBet, Premier Investments, & Star shares are charging higher

ASX 200 midday update: Telstra 52-week high, PointsBet rises on US update

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, Hipages Group Holdings Ltd., and Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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