Are you interested in adding some more ASX shares to your portfolio?
Two ASX growth shares that could be worth considering are listed below. Here's what you need to know about them:
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Altium Limited (ASX: ALU)
The first ASX growth share to look at is Altium. It is a printed circuit board (PCB) design software provider which could be a top option due to its leading position in a market exposed to the Internet of Things and artificial intelligence.
PCBs are found in almost all electronic devices. As such, the proliferation of electronic devices due to the Internet of Things and artificial intelligence markets is expected to lead to increasing demand for its software over the next decade.
Bell Potter is positive on Altium and currently has a buy rating and $38.75 price target on its shares.
The broker has been pleased with Altium's shift to subscriptions and still sees the company as a potential takeover target. In respect to the latter, it said: "Altium has already received an unsolicited takeover offer from Autodesk at $38.50 which was rejected. Our view is Autodesk's Fusion 360 platform is lacking a high powered ECAD offering so we believe Autodesk would still be very interested in Altium and may come back with a revised offer."
Life360 Inc (ASX: 360)
Another ASX growth share to look at is Life360. This growing technology company is responsible for the Life360 mobile app, which is a market leading app for families.
It offers features such as communications, driver safety, and location sharing. As of its last update, the company's user base had grown to over 30 million globally. This is generating significant recurring revenue and opens the door to material cross and upselling opportunities for its recently acquired businesses.
Bell Potter is also bullish on LIfe360's future. It currently has a buy rating and $10.00 price target on its shares.
The broker believes the recent selloff of its shares has created a buying opportunity. It said: "[Life360] 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."
