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3 stellar ASX tech shares to buy for the long term

Altium Limited (ASX:ALU) and these ASX tech shares could be great long term options for investors. Here’s why they are highly rated…
The post 3 stellar ASX tech shares to buy for the long term appeared first on The Motley Fool Australia. –

rise in asx tech share price represented by digitised rocket shooting out of person's hand

If you’re wanting to take advantage of recent weakness in the tech sector, then you might want to look at the ASX shares listed below.

Here’s why these ASX tech shares could be great long term options for investors:

Altium Limited (ASX: ALU)

The first ASX tech share to look at is Altium. It is a leading electronic design software platform provider exposed to the Internet of Things and artificial intelligence booms. The proliferation of electronic devices is expected to lead to increasing demand for its software over the next decade. Management certainly believes this is the case and has set itself bold growth targets over the coming years. It is also aiming to dominate its market and looks well-placed to achieve this thanks to its industry-leading technology. UBS recently upgraded its shares to a buy rating and put a $34.00 price target on its shares.

Appen Ltd (ASX: APX)

Appen provides and prepares the data that goes into artificial intelligence and machine learning models. This includes for some of the biggest tech companies in the world such as Amazon, Facebook, and Microsoft. Given the growing importance of artificial intelligence for businesses and governments, Appen has the potential to grow very strongly over the next decade. One broker that is positive on the company is Ord Minnett. Last month it upgraded its shares to a buy rating with a $24.75 price target. The broker believes recent weakness in the Appen share price has brought it down to an attractive level. Especially given its exposure to the global trend of investment in artificial intelligence.

NEXTDC Ltd (ASX: NXT)

Another tech share to consider is NEXTDC. It is a leading data centre operator with operations across Australia. It has also recently opened up offices in Singapore and Tokyo, with a view to expanding into these markets in the near future. If this proves to be a success, it could take its growth up another level. Looking ahead, NEXTDC appears well-placed to benefit from increasing demand for data centre services due to the structural shift to the cloud. Goldman Sachs is very positive on its future and has a buy rating and $13.50 price target on its shares. The broker has previously even suggested the NEXTDC share price could go as high as $20.00 based on bullish but not unrealistic assumptions.

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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 Appen Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 3 stellar ASX tech shares to buy for the long term appeared first on The Motley Fool Australia.

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