2 excellent ASX growth shares to buy

Altium Limited (ASX:ALU) and this ASX growth share could be destined for big things in the future. Here's what you need to know…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Do you want to add a growth share or two to your portfolio in April? If you do, then you might want to look at the ones listed below.

Here's why these could be growth shares to buy right now:

Image source: Getty Images

Altium Limited (ASX: ALU)

The first ASX growth share to look at is electronic design software provider Altium.

It appears well-placed for growth over the long term thanks to its market-leading Altium Designer software and cloud-based Altium 365 platform. These platforms are used for printed circuit board (PCB) design by some of the biggest companies and government organisations in the world. This includes Boeing, CSIRO, Microsoft, NASA, SpaceX, and Tesla.

Another positive is that demand for PCB design software is expected to increase strongly over the 2020s due to the proliferation of electronic devices globally.

Pleasingly, management is confident this will be the case. In February, it confirmed that it is targeting US$500 million in revenue and 100,000 subscribers by 2025. This compares to its revenue forecast of US$190 million to US$195 million in FY 2021 and its current subscriber base of 52,157.

UBS is positive on the company. It currently has a buy rating and $34.00 price target on Altium's shares.

IDP Education Ltd (ASX: IEL)

Another ASX growth share to look at is IDP Education. It is a leading provider of international student placement and English language testing services.

The last 12 months have been tough for the company due to the pandemic's impact on demand for its services. However, trading conditions are improving as vaccines are rolled out across the world. In addition, pent up demand looks likely to lead to a surge in demand once the crisis passes.

One broker that is particularly positive on the company is Macquarie. It currently has an outperform rating and $30.80 price target on the company's shares.

It notes that IELTS testing is expected to return to pre-COVID levels by December. It also expects the company's investments in its digital business to support margin improvements.

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's parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Growth Shares

A woman is excited as she reads the latest rumour on her phone.
Growth Shares

Here's why experts rate these ASX 200 growth shares as buys

Healthcare, retail, and lithium... here's why analysts rate these growth shares highly right now.

Read more »

A cool young man walking in a laneway holding a takeaway coffee in one hand and his phone in the other reacts with surprise as he reads the latest news on his mobile phone
Broker Notes

Morgans names the best ASX 200 growth shares to buy in March

These growth shares have been tipped for big things by a leading broker...

Read more »

a small child and a pug dog sit in a go cart wearing old fashioned drivers headress and goggles as the drive along a country road with the boy holding his arm in the air and shouting as if celebrating their performance behind the wheel.
Growth Shares

Top ASX growth shares to buy in March 2023

Could these growth stocks be set to hit the accelerator?

Read more »

A businessman hugs his computer and smiles.
Growth Shares

Buy and hold these ASX 200 shares: brokers

These could be great options for investors looking for buy and hold investments.

Read more »

A man sees some good news on his phone and gives a little cheer.
Growth Shares

Analysts say these exciting ASX growth shares are buys this month

These could be the growth shares to buy right now according to analysts.

Read more »

A boy is about to rocket from a copper-coloured field of hay into the sky.
Growth Shares

2 explosive ASX growth shares to buy this month: analysts

There are different levels of growth and these shares are in the clouds...

Read more »

A man sees some good news on his phone and gives a little cheer.
Growth Shares

2 ASX growth shares to buy: Goldman Sachs

Goldman Sachs believes these ASX shares are well-positioned for strong growth.

Read more »

A young man sits at his desk working on his laptop with a big smile on his face due to his ASX shares going up and in particular the Computershare share price
Growth Shares

These are the ASX 200 shares to buy in March: experts

Now could be the time to pounce on these ASX 200 shares.

Read more »