Due to the quality on offer in the tech sector, I think it is one of the best places to look for long term investments.
Three exciting ASX tech shares that I would buy today are listed below. Here’s why I think they are in the buy zone:
Afterpay Ltd (ASX: APT)
The first tech share to consider buying for the long term is Afterpay. Due to the increasing popularity of the buy now pay later payment method with consumers and merchants, I believe this payments company could be a strong performer over the next decade. Especially given the incredible active customer growth it is experiencing in the United Kingdom and United States markets. Given that the latter market is worth an estimated $5 trillion a year, Afterpay clearly has a long runway for growth there. In addition to this, Afterpay is likely to support its growth by expanding into new markets in the coming years. Canada is coming this financial year and I suspect Europe and even Asia could soon follow.
Appen Ltd (ASX: APX)
Appen is the global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. Through a team of over 1 million crowd-sourced workers, the company is able to collect and label high volumes of data used to build and improve artificial intelligence models. Due to the growing importance of artificial intelligence and machine learning and Appen’s leadership position in its field, I believe demand for its services is likely to grow strongly in the coming years. This could mean further strong earnings growth ahead for the company.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is a donor management platform provider for the faith sector. It has been growing its sales and operating earnings at an explosive rate in recent years thanks to increasing demand for its platform in a church market that is rapidly embracing digital transformation. This has particularly been the case during the pandemic, with churches using its platform to reach their congregation in new ways. This led to Pushpay smashing expectations in FY 2020 and then guiding to further impressive growth in FY 2021. The good news is that it is still only scratching at the surface of its massive market opportunity in the medium to large church market. In light of this, I expect its strong growth to continue for many years to come.
These 3 stocks could be the next big movers in 2020
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More reading
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. 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.
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