There are a number of quality options for investors to choose from in the tech sector.
Two that are highly rated right now are listed below. Here’s why they have been tipped for big things:
Audinate Group Limited (ASX: AD8)
The first ASX tech share to look at is Audinate. It is a digital audio-visual networking technologies provider and the company behind the industry-leading Dante audio over IP networking solution. This solution is used widely across a number of industries and is currently dominating the competition.
Dante replaces traditional analogue audio cables by transmitting perfectly synchronised audio signals across large distances to multiple locations at once, using just an Ethernet cable.
In FY 2021, the number of Dante-enabled products increased to 3,255. This is now 19x the number of products of the next closest digital audio networking technology.
The team at Shaw and Partners were pleased with its performance in FY 2021. In response, the broker put a buy rating and $12.00 price target on the company’s shares.
Life360 Inc (ASX: 360)
Another ASX tech share to look at is San Francisco-based app maker Life360. It provides families with a market leading app which includes features such as real-time location sharing, notifications, crash detection, and roadside assistance.
The Life360 app has been growing in popularity over the last few years and has a staggering 32 million users globally. Management is now aiming to monetise this user base with upselling and cross-selling initiatives.
In fact, it was for this reason that Life360 acquired wearable location device provider Jiobit for US$37 million earlier this year. But it is unlikely to stop there. The team at Bell Potter see plenty of monetisation opportunities.
It commented: “Life360 has the potential to leverage its large and growing user base to enter new markets and disrupt the legacy incumbents. An example is roadside assistance where Life360 launched a subscription-based product called Driver Protect which disrupted the market and helped enable monetisation of its user base.”
In light of this, the broker has a buy rating and $10.75 price target on the company’s shares.
The post Analysts name 2 high quality ASX tech shares to buy in October appeared first on The Motley Fool Australia.
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More reading
- Leading brokers name 3 ASX shares to buy today
- The most important catalyst for outperforming ASX shares: fund manager
- Here are 2 strong ASX growth shares analysts rate as buys
- 3 ASX shares with bags of potential
- Why the Audinate (ASX:AD8) share price is rated as a buy
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 AUDINATEGL FPO and Life360, Inc. The Motley Fool Australia owns shares of and has recommended AUDINATEGL 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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