Afterpay and 1 other ASX tech share to buy and hold beyond 2030

Here's why I think Afterpay Ltd and Audinate Group Ltd are great ASX tech shares to buy and hold for the next five to ten years.

| More on:
ladder going between 2020 and 2030

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The ASX tech sector is tiny when compared to the much larger United States market, which is home to tech giants such as Google and Amazon. However, there is a fast-growing base of high-quality technology companies now listed on the ASX.

Here we look at two such ASX tech shares that are on my buy list right now for long-term growth: Afterpay Ltd (ASX: APT) and Audinate Group Ltd (ASX: AD8).

Afterpay

The Afterpay share price has seen extraordinary gains in recent months, increasing from $8.90 in late March to currently trade at $75.05. That's a massive gain of 743%.

This strong growth was partly driven by a series of positive market updates, one of which was in late May. In this update, Afterpay revealed it had reached the 5 million customer milestone in the massive US market.

The buy now, pay later (BNPL) provider did see its share price hit hard in the early phase of the coronavirus pandemic. Back on 19 February, the Afterpay share price was trading at $40.50 before sinking to $8.90 in March. However, Afterpay's current share price is now up by over 85% from its February high.

Whether the strong share price growth that Afterpay has experienced recently will continue over the following months is uncertain. However, I am growing increasingly confident about the company's long-term growth prospects. Afterpay appears to have cemented its position as one of the market leaders in the BNPL market, as this market continues to grow in popularity worldwide.

Audinate

Audinate is an ASX tech share that doesn't have as high a market profile as Afterpay. But it has been quietly and successfully establishing its market presence over the past few years. Audinate utilises its audio networking solutions in the production of a range of professional audio equipment. Its core networking solutions improve audio quality and reduce the need for extra cabling and installation.

Audinate recently reported unaudited revenue of $30.3 million for the 12 months to 30 June 2020. Unaudited EBITDA came in at $2.0 million for FY20 and Audinate had $29.3 million cash on hand as at 30 June. I believe this was a very solid result in challenging market conditions.

I'm confident that Audinate is well poised for continued growth. Its core solution currently leads the audio market and I believe demand for its audio solutions will be robust over the next few years.

Foolish takeaway

Afterpay and Audinate are 2 ASX tech shares that I believe are well placed to provide above average shareholder returns over the next 5 to 10 years. I would be happy to own either of them as part of a diversified ASX share portfolio.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Phil Harpur owns shares of AFTERPAY T FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AUDINATEGL FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended AUDINATEGL FPO. 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.

More on Share Market News

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Broker Notes

These ASX 200 shares could rise 20% to 100%

Analysts are expecting these shares to deliver big returns over the next 12 months.

Read more »

Three people in a corporate office pour over a tablet, ready to invest.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX shares finished the trading week on a high this Friday.

Read more »

A businessman stacks building blocks.
Technology Shares

6% gain! What's up with Block shares today?

Block shares are up more than 34% since 2 May.

Read more »

Broker looking at the share price.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Why ARB, Block, Mayne Pharma, and Paladin Energy shares are charging higher today

These shares are having a strong finish to the week. But why?

Read more »

A woman puts her hands up as she smashes and breaks through a glass ceiling.
Share Gainers

How these 5 ASX 200 stocks are smashing the benchmark this week

These fives ASX 200 stocks have made some very happy shareholders this week. Here’s how.

Read more »

Bored man sitting at his desk with his laptop.
Share Fallers

Why Catalyst Metals, Duratec, Nufarm, and Rio Tinto shares are dropping today

These shares are ending the week in the red. But why?

Read more »