The tech sector is home to a number of companies growing at a rapid rate.
Three that have been standout performers recently are listed below. Here's what you need to know about these growing tech shares:
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Bigtincan Holdings Ltd (ASX: BTH)
The first tech share to look at is Bigtincan. It is a fast-growing sales enablement platform provider. In FY 2021, the company reported a 48% increase in annualised recurring revenue (ARR) to $53.1 million. Positively, it has just announced an agreement to acquire US-based Brainshark. It is an industry-recognised and multi-awarded leader in its field of sales coaching, learning and readiness. Management expects this to lead to combined ARR of $119 million in FY 2022. This will be up 124% year on year.
Morgan Stanley is very positive on the company. Earlier today it put an overweight rating and $2.10 price target on its shares.
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. At the last count, there were over 34,000 tradies using the platform. This has been driving very strong growth across key metrics. For example, in FY 2021 Hipages outperformed its upgraded full year revenue guidance with a 22% year on year jump to $55.8 million.
Goldman Sachs currently has a buy rating and $4.10 price target on its shares.
PointsBet Holdings Ltd (ASX: PBH)
A final tech share to look at is PointsBet. It is a sports betting and iGaming provider with operations in the ANZ and US markets. It has been growing even quicker than the others, delivering a whopping 228% increase in full year turnover to $3,781.4 million in FY 2021. Underpinning this impressive result was a 117% increase in Australian active clients to 196,585 and a 661% increase in US active clients to 159,321.
Credit Suisse is bullish and has an outperform rating and $13.30 price target on its shares.
