Broker names the 3 best ASX tech shares to buy today

Here are the tech shares to buy right now…

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If you're looking to take advantage of recent weakness in the tech sector, then you may want to check out the shares listed below.

These three tech shares are Bell Potter's top picks in the sector right now. Here's what you need to know about them:

Infomedia Limited (ASX: IFM)

This auto industry software provider is Bell Potter's top pick in the tech sector. It currently has a buy rating and $1.85 price target on its shares.

The broker commented: "Remains our number one pick following the good 1HFY22 result and soft upgrade in the FY22 guidance and despite the strong relative share price performance over the past few months where the stock has fallen very little despite the large sell off in the tech sector."

Life360 Inc (ASX: 360)

Bell Potter remains very bullish on this location technology company's shares. It has reiterated its buy rating and $10.00 price target.

Its analyst explained: "Also remains a key pick and we believe has been oversold as, despite currently being loss making, has ample cash to fund it through to cash flow breakeven or positive in 2023 or 2024 while maintaining strong top line revenue growth and realising the synergy benefits from the recent Tile acquisition."

TechnologyOne Ltd (ASX: TNE)

Finally, this enterprise software provider is another of the broker's top picks. Its analysts have a buy rating and $15.00 price target on its shares at present.

It said: "Remains a key pick despite not reporting last month but looking value for a high quality, mid cap tech stock on FY22 EV/EBITDA and PE ratios of c.22x and 40x and we also expect a good 1HFY22 result in May with, in particular, strong SaaS ARR growth."

A bonus pick

Uniti Group Ltd (ASX: UWL)

The broker also made a special mention of Uniti, which doesn't quite make the top three but has a buy rating and $4.50 price target on its shares.

It explained: "One other stock we would also add as a key pick is Uniti Group following the pullback in the share price and the good 1HFY22 result despite the fall in construction revenue. The stock looks value on an FY22 EV/EBITDA multiple of 17x particularly when the earnings are defensive and there is a track record of good organic growth."

Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Infomedia and Life360, Inc. The Motley Fool Australia has recommended Infomedia and Uniti Group Limited. 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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