3 rapidly growing ASX shares to buy in October

Monadelphous share price rio tinto A small rocket take off from a laptop, indicating a share price surge

The Australian share market is home to a number of companies growing at a rapid rate.

Three that could be well-placed to grow strongly over the 2020s are listed below. Here’s what you need to know about these growing shares:

Bigtincan Holdings Ltd (ASX: BTH)

The first growth share to look at is Bigtincan. It is a leading sales enablement platform provider that has been growing strongly in recent years. For example, in FY 2021, the company reported a 48% increase in annualised recurring revenue (ARR) to $53.1 million. Positively, even stronger growth is expected in FY 2022. This is thanks partly to its acquisition of US-based Brainshark. It is an industry-recognised and multi-awarded leader in its field of sales coaching, learning and readiness. Management expects combined ARR of $119 million in FY 2022, which will be up 124% year on year.

Morgan Stanley is very positive on the company. It currently has an overweight rating and lofty $2.10 price target on its shares.

Hipages Group Holdings Ltd (ASX: HPG)

Another ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service provider connecting consumers with trusted tradies. It currently boasts over 34,000 tradies using the platform and is generating significant leads for them. For example, in FY 2021, the company reported a 12% increase in job volumes to 1.53 million. This helped underpin a 22% increase in full year revenue to $55.8 million. This is well short of the total addressable market (TAM) of the tradie ecosystem, which is estimated to be $110 billion across the residential and commercial sectors.

Goldman Sachs currently has a buy rating and $4.35 price target on its shares.

IDP Education Ltd (ASX: IEL)

A final ASX growth share to look at is IDP Education. It is a provider of international student placement services and English language testing services. While COVID-19 was a big blow for the company, it is expected to come out of the crisis with a much stronger market position. Especially following its key acquisition in the lucrative India market. As a result, analysts are tipping the company to grow at a very strong rate over the coming years.

UBS is positive on IDP Education and has a buy rating and $36.40 price target on its shares.

The post 3 rapidly growing ASX shares to buy in October appeared first on The Motley Fool Australia.

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Motley Fool contributor 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 has recommended BIGTINCAN FPO, Hipages Group Holdings Ltd., and Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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