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3 quality ASX growth shares to buy in August

James Mickleboro
Man holding tablet with sharemarket chart showing growth shares

A new month is upon us, so what better time to take a look at your portfolio and see if a few new additions could give it a boost.

If you have room for a growth share or two, I would suggest you consider the growth shares listed below.

Here’s why I think they could be great long-term investments:

Altium Limited (ASX: ALU)

Whilst its shares are certainly on the expensive side, I believe this leading printed circuit board (PCB) design software provider’s long term growth potential more than justifies the premium. For example, the company recently advised that it was very confident that it would achieve its FY 2020 revenue target of US$200 million. So much so, it has set itself a new target of US$500 million by 2025. Given how the Internet of Things boom is driving strong demand for its software, I believe the company is well-positioned to achieve its targets.

Cochlear Limited (ASX: COH)

Another growth share to consider buying is Cochlear. As with Altium, I think the global developer, manufacturer, and distributor of cochlear implantable devices for the hearing impaired has outstanding long-term growth potential. This is due to its leading position in a market with high barriers to entry and increasingly positive tailwinds. In respect to the latter, I expect Cochlear to benefit greatly from ageing populations across the globe. After all, hearing loss is just a part of growing old, so a growing number of over 65s globally can only be a good thing for the company.

Webjet Limited (ASX: WEB)

A final growth share that I think would be worth considering is Webjet. I believe the online travel agent is well-placed to continue growing its earnings at an above-average rate over the next decade thanks to its popular brands, margin improvement, the continued shift to online travel booking, and acquisition and expansion opportunities.

And here are a few more growth shares that have been tipped to push higher over the coming months.

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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 Cochlear Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Cochlear Ltd. and Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019