Broker names 2 ASX growth shares to buy this week

Are you interested in adding some more ASX shares to your portfolio this week?

Two ASX growth shares that could be worth considering are listed below. Both have been named as buys by the team Bell Potter. Here’s what you need to know about them:

Altium Limited (ASX: ALU)

The first ASX growth share to look at is Altium. It is a global printed circuit board (PCB) design software provider. Thanks to Altium’s leadership position in a market growing strongly, management has set itself some major growth targets for the coming years.

This includes dominating its industry and growing its revenue to US$500 million by 2026. This will be a big increase from the revenue of US$213 million to US$217 million that it is guiding to in FY 2022.

Bell Potter appears confident the company will achieve its goals. As such, it has put a buy rating and $34.00 price target on its shares.

TechnologyOne Ltd (ASX: TNE)

Another ASX growth share for investors to look at is enterprise software provider TechnologyOne.

It provides its high quality and sticky software to customers in the government, local government, financial services, health & community services, education, and utilities and managed services markets.

TechnologyOne is currently transitioning to become a software-as-a-service (SaaS) focused business with recurring and higher margin revenue. Pleasingly, the transition is going well and management is confident that it will continue to be the case. As a result, it is aiming to almost double its annual recurring revenue (ARR) to $500 million by FY 2026.

The team at Bell Potter are also very positive on Technology One. The broker currently has a buy rating and $14.25 price target on its shares.

The post Broker names 2 ASX growth shares to buy this week 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. has positions in and has recommended Altium. The Motley Fool Australia has recommended TechnologyOne Limited. 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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