5 fantastic ASX shares to buy today

Appen Ltd (ASX:APX) and Pushpay Holdings Group Ltd (ASX:PPH) are two of five fantastic ASX shares that have been named as buys…

| More on:

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

There are a large number of ASX shares to choose from on the Australian share market.

Five that come highly rated are listed below. Here's why these ASX shares are being tipped as buys:

Altium Limited (ASX: ALU)

Altium is the printed circuit board (PCB) design software provider behind the Altium Designer and cloud-based Altium 365 platforms. Given that PCBs are found inside almost all electronic devices, the company has been benefitting greatly from the proliferation of electronic devices due to the Internet of Things and artificial intelligence markets.

Analysts at Morgan Stanley expect this to continue. They have an overweight rating and $40.00 price target on the company's shares. The broker appears confident on the company's long term growth prospects.

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. Given the growing importance of artificial intelligence for businesses and governments, the company has been tipped for strong growth during the 2020s.

A note out of Macquarie reveals that its analysts have an outperform rating and $43.00 price target on the company's shares. The broker believes Appen will benefit greatly from the increasing spend on artificial intelligence.

IDP Education Ltd (ASX: IEL)

IDP Education is a provider of international student placement and English language testing services. While it has been hit incredibly hard by the pandemic, it has been tipped to come out of the crisis in an even stronger market position. This could make it a big winner when a COVID-19 vaccine is released.

Earlier this month analysts at Morgans reiterated their add rating and lifted the price target on the company's shares to $25.09. They believe the company is well-placed for growth once trading conditions return to normal.

NEXTDC Ltd (ASX: NXT)

NEXTDC is a leading data centre operator which has been benefiting from the increasing amount of data being generated by consumers and businesses. This has particularly been the case during the pandemic when the shift to the cloud led to a surge in demand for data centre capacity.

One broker that is particularly bullish due to this increasing demand is Goldman Sachs. It recently reiterated its buy rating and $13.20 price target on the company's shares. It even suggested the NEXTDC share price could be worth upwards of $20.00 based on high but not unrealistic assumptions.

Pushpay Holdings Group Ltd (ASX: PPH)

Pushpay is a fast-growing donor management and community engagement platform provider for the faith sector. It has been an exceptionally strong performer this year and recently reported a 48% increase in total processing volume to US$3.2 billion and a 53% increase in operating revenue to US$85.6 million for the first half of FY 2021. This is still well short of management's long term revenue target of US$1 billion.

Analysts at Goldman Sachs have a conviction buy rating and $10.35 price target on its shares. The broker notes that Pushpay's platform is beginning to demonstrate sticky qualities and is well-positioned for growth.

James Mickleboro owns shares of NEXTDC Limited. 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, Idp Education Pty Ltd, and PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. 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 Growth Shares

Concept image of a businessman riding a bull on an upwards arrow.
Growth Shares

3 ASX growth shares to buy before the next bull market

These shares could fare well in the next bull market. Here's what analysts are tipping as buys.

Read more »

Two university students in the library, one in a wheelchair, log in for the first time with the help of a lecturer.
Growth Shares

3 no-brainer ASX shares to buy with $200 right now

You don't need a brain to see that these shares could be top picks right now.

Read more »

A man with a wide, eager smile on his face holds up three fingers.
Growth Shares

3 ASX growth stocks worth buying with $7,000 in your portfolio today

These stocks are all historic market beaters.

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Growth Shares

3 ASX 200 shares with huge growth potential in the next decade

Analysts think these growth shares could be in the buy zone in July.

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop.
Growth Shares

Where I'd invest $5,000 into ASX 300 growth shares

These stocks have excellent growth potential.

Read more »

a woman sits at a computer with a satisfied expression on her face in a white room with greenery outside her window.
Growth Shares

The ASX growth stock up 10% this year with more room to move

This broker believes there’s still more in the tank for this telecommunications company 

Read more »

A couple stares at the tv in shock, one holding the remote up ready to press.
Growth Shares

3 high-conviction ASX 200 stocks to buy and hold

Brokers think these shares are among the best to buy now.

Read more »

Person holding Australian dollar notes, symbolising dividends.
Growth Shares

The smartest ASX growth stocks to buy with $3,000 right now

Analysts think these shares would be top picks for smart investors.

Read more »