The tech sector has come under a spot of pressure this month due to a profit taking selloff on Wall Street.
I believe this has pulled a number of ASX tech shares down to very attractive levels.
So if you’ve been sitting patiently and waiting for an opportunity to invest in the sector, I think now could be your time.
Here’s why I think these ASX tech shares are in the buy zone:
Appen Ltd (ASX: APX)
The first share to consider buying is this artificial intelligence services company. I believe the global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence (AI) has the potential to grow its earnings at a very strong rate over the 2020s. This is thanks to the growing importance of machine learning and AI for businesses and governments. And with the Appen share price down over 25% from its 52-week high, now could be an opportune time to invest.
Nearmap Ltd (ASX: NEA)
Although the Nearmap share price is only down 10% from its 52-week high, I still think it is worth considering. It is a leading aerial imagery technology and location data company that gives businesses instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. Due to the quality of its platform, new product launches, and its sizeable market opportunity, I believe Nearmap can grow at a strong rate over the 2020s.
Whispir (ASX: WSP)
The Whispir share price is down 21% from its 52-week high. I think this could make it well worth considering an investment in the software-as-a-service communications workflow platform provider. I believe Whispir has a very bright future ahead of it thanks to its industry-leading software platform. This platform allows governments and businesses to deliver actionable two-way interactions at scale using automated multi-channel communication workflows. Management estimates that the Workflow Communications platform as a Service market could be worth US$8 billion per year by 2024.
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More reading
- Top ASX growth shares to buy in September 2020
- Broker picks best ASX small cap stocks to buy from the reporting season
- Where to invest $500 into ASX shares right now
- Buy these exciting ASX shares after the tech selloff
- 4 exciting small cap ASX tech shares to watch
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 and recommends Whispir Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Nearmap Ltd. and Whispir 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.
The post Why I would buy Appen and these ASX tech shares after the selloff appeared first on Motley Fool Australia.
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