It may not be the biggest tech sector in the world, but the ANZ region is home to a good number of companies with significant potential.
Two small cap ASX tech shares that have been tipped for big things in the future are listed below. Here’s why they are currently rated as shares to buy:
Damstra is a growing integrated workplace management solutions provider to multiple industry segments. Its cloud-based workplace management platform is used by businesses globally to track, manage and protect their workers and assets.
The company also offers solutions such as fever detection and mobility tracking, which are particularly appropriate in the current environment.
Furthermore, it recently strengthened its offering with the acquisition of Vault Intelligence. It is a software company offering solutions which combine health, safety, compliance, and risk management.
Following its 61% increase in first quarter cash receipts, analysts at Morgan Stanley reiterated their overweight rating with a $2.00.
MyDeal.com.au is a recently listed online retail marketplace provider with a focus on furniture, homewares, appliances, technology, baby products, and hardware.
It has also been a strong performer in FY 2021, delivering first quarter gross sales growth of 317% to $56.67 million. This strong form has continued since, with MyDeal recording gross sales of $30 million in November. This was up 192% year on year and 63% month on month. Its active customers also grew to a record 778,867, up 236% year on year.
Morgans is a fan of the company and recently put an add rating and $1.70 price target on its shares. It was pleased with its performance in November and notes that its private label sales have been growing ahead of its expectations in FY 2021. This is a big positive given the stronger margins these products have.
Where to invest $1,000 right now
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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
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 Damstra Holdings Ltd. The Motley Fool Australia has recommended Damstra Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.