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If you want to add some tech sector exposure to your portfolio, then it could be worth check out the three ASX tech shares listed below.
Here’s why these shares have been named as buys:
The first ASX tech share to look at is location technology company Life360.
It is the company behind the eponymous Life360 app, which is used by millions of families worldwide. And when I say millions, I mean it. The company recently released an update which revealed that its global monthly active users (MAU) increased by 4.9 million during the first quarter to 66.4 million.
This growth impressed analysts at Bell Potter. In response, the broker retained its buy rating with a boosted price target of $17.75.
Tyro Payments Ltd (ASX: TYR)
Another ASX tech share that for investors to look at is Tyro Payments.
This growing payments provider has around 70,000 merchants on its network, making it Australia’s fifth largest merchant acquiring bank by number of terminals in the market. This means Tyro is behind only the big four banks.
Morgans is a fan of the company and highlights its “significant discount to valuation.” It believes this is unwarranted given its belief that “FY24 will show significantly improved business momentum, importantly driven by a much greater focus on lifting overall profitability.”
The broker currently has an add rating and $1.47 price target on its shares.
WiseTech Global Ltd (ASX: WTC)
A third and final ASX tech share that could be a buy for investors right now is WiseTech Global.
It is the logistics solutions company behind the industry leading CargoWise One platform. This platform allows users to execute complex logistics transactions and manage freight operations from a single, easy to use system.
Over the last few years, CargoWise One has become incredibly important to the global logistics industry. So much so, there are more than 17,000 logistics organisations use the company’s software solutions. This includes all of the top 25 global freight forwarders and 45 of the top 50 global third-party logistics providers.
Analysts at UBS are feeling bullish about the company’s outlook. Particularly after a recent investment expanded its addressable market. The broker believes this leaves the company well placed to deliver growth notably ahead of consensus estimates in the coming years.
In light of this, earlier this month, UBS put a buy rating and $112.00 price target on WiseTech Global’s shares.