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$10,000 in These 3 Growth Stocks Could Triple in 10 Years!

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Investors are looking at today’s market for huge opportunities. There are plenty out there, but there are still few that can be considered true growth stocks. Growth stocks are stocks that are primed to outperform the average growth in the market. So, even though most stocks will rebound, it’s not as clear which stocks will soar past that rebound in the near future.

Clearly, it’s not easy, or everyone would do it. Everyone wants to get rich, after all. But here’s the key: it’s not necessarily the stock you buy, but a combination of a stock in the right industry. What you want to look for are companies that are already solid and are involved with industry growth. Those are the perfect growth stocks to consider. Here are some to add to your watch list.

OTEX

Open Text (TSX:OTEX)(NASDAQ:OTEX) is a developer and seller of enterprise information management software. This is a huge industry in today’s market, which is why it’s included with other growth stocks. With more people working from home, the cloud has become all the more important. Even before the pandemic, companies saw this coming. In fact, Open Text has signed on huge names to its product over the last several years, including Alphabet.

What’s exciting is, the company is only in the beginning stages of its partnerships with big clients like Alphabet. There is still the potential for huge share growth for this company’s future. As more people work from home, this industry leader will likely be the first to see the benefits. The company is still trading below pre-crash levels, despite seeing total recurring revenue rise by 20.6% year over year during its last earnings report, and total revenue rise by 13.9%. Another bonus? You get a dividend yield of 1.57%, which is practically unheard of in the tech industry.

Kinaxis

Another heavy hitter in the tech industry is Kinaxis (TSX:KXS). The company provides supply chain management and sales and operation planning software to companies all over the world. Each one of its subscriptions lasts a number of years, making its recurring revenue all but certain each quarter. Ford and Cisco are just some of the big names that use this company to manage its products.

The company should continue to bring on household names as more companies get online in today’s post-pandemic environment. The company keeps data managed, secure, and provides analytics to businesses. There is an endless number of businesses that can still sign up for Kinaxis, which is why its share trade at all-time highs, doubling since January. Revenue was up 15% between the first quarter of 2020 and last quarter of 2019, and this should continue, as most revenue is recurring for Kinaxis. Clearly, this is a perfect example for growth stocks.

Shopify

Finally, we have Shopify (TSX:SHOP)(NYSE:SHOP). While the company might be trading at explosive highs, there’s a reason for it. The company is leading the charge for e-commerce, with anything related to e-commerce doing well because of it. The stock manages to hit all-time highs after each earnings report, beating analyst expectations almost every single time.

But remember: Shopify is still in its infancy. The company is still quite new, so there is still a lot going for this stock. Sure, it will eventually stop making new announcements of partnerships, products, and the like. But then it has the revenue coming in from these partnerships and products to look forward to. While its earnings are strong, especially given businesses moving online during the pandemic, it still has more to do to get to profitability. So, during the company’s next dip, I would recommend picking up even a small stake in this stock.

Bottom line

The main similarity between these stocks is each stands to take advantage during a pandemic-focused society. The world has to change, and these companies are already well positioned to lead that change. By buying a small stake in any of these growth stocks, you are setting yourself up for huge growth over the next several years as the world moves online.

But there are even more top stocks set to soar.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Fool contributor Amy Legate-Wolfe owns shares of Shopify. David Gardner owns shares of Alphabet (A shares), Alphabet (C shares), and Ford. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Shopify, and Shopify. The Motley Fool recommends KINAXIS INC, Open Text, and OPEN TEXT CORP.

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