2 stellar mid cap ASX shares to buy in April

Nuix Limited (ASX:NXL) and this ASX mid cap share could be great buy and hold options for Australian investors. Here's why…

| More on:
2 asx tech shares to buy represented by hand holding up 2 fingers

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

If you're looking for some investment options for April, then you might want to take a look at the mid cap space.

At this side of the market, there are a number of companies with the potential to grow materially over the next decade or two. This could lead to their shares generating outsized returns for investors if everything goes to plan.

With that in mind, here are two mid cap ASX shares to consider buying:

Nearmap Ltd (ASX: NEA)

The first mid cap ASX share to look at is Nearmap. It is a $990 million aerial imagery technology and location data company with operations in Australia and North America.

Nearmap's leading products give businesses instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. The beauty of this, is that users can undertake virtual site visits anywhere there is coverage without leaving the home or office. The company notes that this enables informed decisions, streamlined operations, and meaningful cost savings.

Another positive is that Nearmap has recently bolstered its offering with the launch of several new products and add-ons. This includes an artificial intelligence product which has significant potential.

Goldman Sachs is positive on the company and believes Nearmap can grow its revenue by a CAGR of 15% per annum between FY 2020 and FY 2023. In light of this, the broker has placed a buy rating and $2.95 price target on its shares.

Nuix Limited (ASX: NXL)

Another mid cap ASX share to consider is Nuix. It is a growing provider of investigative analytics and intelligence software.

The company's Discover, Workstation, and Investigate platforms allow users to transform huge amounts of data from various sources (such as emails, social media, and communications) into actionable intelligence. This is proving particularly important in investigations where there can be hundreds or thousands of files to comb through.

One broker that believes Nuix has a bright future ahead of it is Morgan Stanley. As a result, earlier this month the broker put an overweight rating and $10.75 price target on its shares.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Growth Shares

Two plants grow in jars filled with coins.
Growth Shares

3 ASX 200 growth stocks up more than 100% in 1 year that could charge higher

It's been a memorable year for shareholders of these 3 companies.

Read more »

Afterpay share price a happy shopper with a wide mouthed smile holds multiple shopping bags up around her shoulders.
Growth Shares

The pros and cons of buying Zip shares in June

Should investors buy now or wait until later?

Read more »

A smiling woman holds a Facebook like sign above her head.
Growth Shares

3 ASX growth shares I'd buy for the next 10 years

Let's see why these shares could be top picks for the long term.

Read more »

wheelchair user in an office talking on mobile phone
Growth Shares

Why I'd buy this ASX growth share instantly

I’m calling on this stock to deliver strong returns.

Read more »

A happy boy with his dad dabs like a hero while his father checks his phone.
Growth Shares

2 ASX growth shares to buy in June: experts

These businesses have strong growth potential.

Read more »

Rocket powering up and symbolising a rising share price.
Growth Shares

Buy these stellar ASX growth shares with $1,000

Analysts think these shares would be top buys right now.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Growth Shares

These ASX growth shares could rise 18% to 30%

Let's see which shares are being tipped to rocket.

Read more »

Ecstatic woman looking at her phone outside with her fist pumped.
Growth Shares

Goldman Sachs tips this ASX 200 growth stock to rise 35%

Let's see what the broker is saying about this growing company.

Read more »