3 Amazing ASX Tech Stocks You Should Not Miss in July 2022
After the fourth industrial revolution, the shares flying above the clouds are tech stocks. There is a colossal risk linked with the tech stock that whether or not it would be a hit or flop. But still, investors are optimistic about tech stocks and hope to see their investment turn into an immense fortune after a few years.
2022 has been a roller coaster ride for the ASX tech stocks. The S&P/ASX All Technology Index (ASX: XTX) has lost more than 35% as of now. The current scenario shows no sign of relief, but as per the long-term investors, the recent decline in the tech shares is temporary, and the sector will see a significant boom in the future.
Here are some ASX-listed tech stocks that could be a good pick for investors in the long run.
Life360 Inc (ASX: 360)
Life360 Inc (ASX: 360) is an ASX-listed tech company that is engaged in allowing its users to view family members on a map and communicate with and receive notifications via an app. The current active user base of the company is more than 30 million, contributing being an incredible revenue stream. The company is not stopping here and plans to cross and upsell opportunities and acquisitions.
Its third-quarter 2022 revenue saw a gain of more than 121% Y/Y, reaching US$50.97 million. Bell Potter is very optimistic about Life360 and has given it a buy rating with a price target of $7.50. At the time of this writing, the Life360 Inc (ASX: 360) shares are trading at $4.29 and have gained more than 66% in the past month. The current market cap of the company is approximately US$799.06 Million.
Xero Limited (ASX: XRO)
The second ASX-listed tech stock on our list is Xero Limited (ASX: XRO). XRO is a tech company that provides cloud-based business and accounting solutions. For the past few years, the company has been an exceptional business, and on top of that, the company has gone international opening doors for international business. The company recently shifted to the cloud and developed a burgeoning app ecosystem.
Its third-quarter 2022 revenue is $295.56 million and has gained more than 34% Y/Y. According to Goldman Sachs, its burgeoning app ecosystem has a significant monetisation potential. Due this reason, Goldman Sachs has given it a buy rating and a price target of $113.00. XRO shares are currently trading at $90.50 and have gained more than 20% in the past month. The current market cap of the company is $13.55 Billion.
Altium Limited (ASX: ALU)
Last but not least, Altium Limited (ASX: ALU) is a third ASX-listed tech stock on our list that is worth buying. It is a software firm that specialises in providing PC-based electronics design software to engineers responsible for the design of printed circuit boards.
Due to its exposure to the Internet of Things and Artificial Intelligence markets, the company has robust long-term potential. It reflects its strong position as the best tech stock choice. These factors are the driving force behind the popularity of Altium Designer and Altium 365 software. It has other businesses, such as the Octopart search engine.
Its revenue in the first half of 2022 was $102.20 million, increasing 27.8% Y/Y. NPAT of the company was $22.78 million, rising 15% Y/Y. Bell Potter has given the ALU shares a buy rating and a price target of $34.00. ALU shares are currently trading at $30.75 has gained more than 20% in the past month. The current market cap of the company is $4.04 Billion.