If you’re looking to invest in growth shares, then you’re in luck. Right now there are a large number of companies on the ASX growing their earnings at a rapid rate.
Three top growth shares that I think would be great options next week are listed below. Here’s why I would buy them:
Appen Ltd (ASX: APX)
Appen is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence. Demand for its services from many leading tech giants has been growing very strongly in recent years and looks likely to continue doing so for some time. Especially given how big business continues to invest heavily in this burgeoning technology. As a result, I think Appen could grow at a very strong rate through the 2020s.
NEXTDC Ltd (ASX: NXT)
Another company that makes I believe could grow at a strong rate during the 2020s is NEXTDC. It is an innovative Data Centre-as-a-Service provider with centres in key locations across Australia. With more and more computer infrastructure migrating to the cloud, NEXTDC’s services are in ever-increasing demand. I expect this to lead to strong profit growth as it scales.
Pushpay Holdings Group Ltd (ASX: PPH)
A final growth share to consider buying is Pushpay. It is a payments company which provides a donor management platform to the faith, not-for-profit, and education sectors. It has been growing at an exceptionally strong rate over the last few years and looks well-placed to continue this positive form for many years to come. Although it operates in a reasonably niche market, it is certainly a lucrative one. It recently revealed that it is aiming to win a 50% share of the medium to large church market. This represents a US$1 billion annual revenue opportunity, which is many multiples more than its current revenues. Given the quality of its offering and recent acquisitions, I believe it can achieve this goal in the 2020s.
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Returns as of 7/4/2020
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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of Appen Ltd. 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.
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