3 of the Best Tech Stocks to Buy Right Now for Superior Returns

Here’s a list of three of the best Canadian tech stocks that you can buy today to get superior returns on your invested money.

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Many tech stocks have seen a sharp correction in the last few months. This gives long-term investors an opportunity to buy some fundamentally strong stocks with high growth cheap. Here’s a list of three of the best tech stocks that you can buy today to get superior returns on your invested money.

Lightspeed POS stock

Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is one of the most attractive Canadian stocks to buy right now. It’s a Montreal-based enterprise software firm with a market cap of $11.1 billion. Its stock is currently trading at $84.77 per share with about 6% year-to-date losses.

During the COVID period, its sales growth significantly improved last year. In its fiscal year 2021 (ended in March), Lightspeed reported an 84% YoY (year-over-year) rise in its total sales to US$222 million. Analysts expect its sales to nearly double to US$443 million in the ongoing fiscal year 2022. As more businesses switch to Lightspeed’s cloud-based commerce platform to enable their omnichannel strategies, its stock could soar in the long term.

Shopify stock

Just like Lightspeed, Shopify (TSX:SHOP)(NYSE:SHOP) also registered massive sales growth last year. Many experts had predicted Shopify’s sales growth rate to significantly drop in 2021. Nonetheless, the company continued to pleasantly surprise investors as it reported a massive 110% YoY sales growth in Q1 this year.

Despite the solid results, its stock is still underperforming the broader market in 2021 so far. Shopify stock has risen by just 3% this year against a 14.6% rise in the S&P/TSX Composite Index. Last week, Shopify expanded its partnership with Google Cloud to focus on driving commerce innovation and bring competitive advantage to more independent merchants. This expanded partnership will also help Shopify in meeting different regulatory and security requirements in various regions.

While Shopify’s sales growth rate might slightly drop in the coming quarters, it’s still likely to remain much better than most other tech companies. That’s why I see a recent drop in the stock as an amazing buying opportunity.

BlackBerry stock

BlackBerry (TSX:BB)(NYSE:BB) stock has been in the news lately for being on some Reddit short squeezers’ radars. While its recent high volatility might make its stock look extremely risky at the moment to buy, it could still be worth considering for long-term investors.

The growing online presence of most businesses is helping the demand for cybersecurity solutions to grow rapidly. This demand growth is likely to accelerate further in the coming years. And this is one of the key areas where BlackBerry specializes. Using the latest technology, including artificial intelligence and machine learning, the company provides cybersecurity software and services to businesses.

Apart from its core cybersecurity business, BlackBerry has increased its focus on the fast-growing autonomous and electric vehicle market in recent years. The company is developing innovative technological solutions to expand its offerings for the automobile industry.

Bottom line

Getting good returns from stock investment might not be as easy as it sounds. Your returns depend a lot on the quality of stocks you invest in. Buying high-growth tech stocks like Shopify, Lightspeed, and BlackBerry would ensure that you get a handsome return on investment in the long term.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. David Gardner owns shares of Alphabet (A shares) and Alphabet (C shares). Tom Gardner owns shares of Alphabet (A shares), Alphabet (C shares), and Shopify. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Shopify, and Shopify. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends BlackBerry and BlackBerry and recommends the following options: long January 2023 $1140 calls on Shopify and short January 2023 $1160 calls on Shopify. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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