Are you interested in adding some ASX tech shares to your portfolio for 2022?
If you are, you may want to look at the ones listed below that have recently been named as buys. Here’s what you need to know about them:
Altium Limited (ASX: ALU)
The first ASX tech share to look at is Altium. It is the printed circuit board (PCB) design software provider behind the popular Altium Designer and cloud-based Altium 365 platforms. The company’s platforms help many of the biggest tech companies in the world, such as BAE Systems and Tesla, to develop and manufacture electronics products faster and more efficiently. And given the explosion of electronic devices globally due to the rapidly growing Internet of Things and artificial intelligence markets, demand is expected to grow strongly over the next decade.
Jefferies is positive on Altium and currently has a buy rating and $48.83 price target on its shares. The broker believes the quality and price of Altium’s platform has positioned it well to win a significant share of the enterprise market.
Hipages Group Holdings Ltd (ASX: HPG)
Another ASX tech share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies.
Hipages has been growing at a rapid rate in recent years and appears well-placed to continue this trend in the future. Particularly given its strong market position in Australia and the recent agreement to acquire New Zealand-based rival Builderscrack for A$11.8 million. It is a leading online tradie marketplace with 4,000 active tradies and 200,000 registered homeowners across the NZ$26 billion total addressable market.
In response to the news, the team at Goldman Sachs maintained their buy rating and lifted their price target on the company’s shares to $5.15. The broker sees a meaningful growth opportunity from here and is forecasting a 24% revenue CAGR and a 38% EBITDA CAGR from FY 2021 to FY 2024.
The post 2 exciting ASX tech shares to buy in 2022 appeared first on The Motley Fool Australia.
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More reading
- 2 ASX growth shares analysts rate as buys
- The Altium (ASX:ALU) share price has risen 20% this year. What’s the outlook for 2022?
- 3 excellent ASX growth shares to buy right now
- Altium (ASX:ALU) share price falls amid broker downgrade
- 5 things to watch on the ASX 200 on Tuesday
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 and has recommended Altium and Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Hipages Group Holdings Ltd. 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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