It looks likely to be another tough day of trade for Australia’s leading tech shares after the Nasdaq index was sold off again overnight.
While this is disappointing in the short term, I believe it is creating a long term buying opportunity for investors.
In light of this, when the dust settles on this latest selling, I would suggest investors consider snapping up these ASX tech shares:
Afterpay Ltd (ASX: APT)
The first ASX tech share to consider buying after the selloff is Afterpay. I think this payments company could be a fantastic buy and hold option due to its strong position in the rapidly growing buy now pay later market. I’ve been very impressed with the progress it is making in the lucrative US and UK markets. If it can replicate this success with its European and Asian expansions, then I believe it has the potential to become a giant of the payments industry in the future.
Altium Limited (ASX: ALU)
I think this printed circuit board software platform provider would be a great long term option for investors after the selloff. In FY 2020 Altium delivered a 10% lift in revenue to US$189.1 million despite facing material COVID-19 headwinds. As the pandemic eases, I expect demand for its software to rebound and for Altium to get back on track with its longer term goals. These include market dominance, revenue of US$500 million, and 100,000 subscribers.
Appen Ltd (ASX: APX)
Another ASX tech share that I would buy following the selloff is Appen. As the global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence, I believe it has outstanding long term growth potential. Especially given its history of working with many of the world’s biggest tech companies and its strong position in the government sector.
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More reading
- 5 things to watch on the ASX 200 on Wednesday
- How I’d turn $5,000 into $100,000 with ASX growth shares
- 3 high quality ASX shares for smart investors to buy today
- 3 ASX high-growth ETFs growth investors can’t ignore
- 3 ASX 200 shares to buy with $3,000 this week
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 Altium. The Motley Fool Australia owns shares of AFTERPAY T FPO and 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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