3 Top TSX Tech Stocks to Load Up on Right Now

Here are three top TSX tech stocks long-term growth investors would be remiss to ignore in this current market environment.

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Tech companies continue to provide the kind of growth investors are looking for today. These stocks provide the technological innovation that drives the economy forward today.

Picking among the best hyper-growth stocks in the market is a difficult task. However, these three stocks are among the top picks for most growth investors on the TSX. Let’s discuss why this is the case.

Shopify

Shopify (TSX:SHOP)(NYSE:SHOP) continues to lead the pack in terms of Canadian growth stocks — and for good reason.

This e-commerce behemoth continues to grow its top line at an astonishing pace. The company’s triple-digit growth rate this past quarter has resulted in Shopify bringing in nearly $1 billion in revenues over the past three-month period. Indeed, this sort of growth rate is hard to come by in the market. While growth may slow from here, there are indications that Shopify’s growth trajectory, at least in the near term, could remain robust.

Since Shopify’s IPO in 2015, the company has been better than a 40-bagger for investors. This is a company that has seen significant margin expansion over this time frame. Accordingly, it’s a stock that’s priced to perfection. However, those who believe the rise of e-commerce won’t abate anytime soon will do well to consider Shopify right now.

Today, Shopify is up more than 6% on heavy volume, indicating market participants remain bullish on this growth story.

Constellation Software

A list of top TSX tech growth stocks is incomplete without Constellation Software (TSX:CSU).

Why?

Well, like Shopify, Constellation has proven to be one of the best compounders in Canada. The company’s staggering growth rate over the past five years is something to behold. And Constellation has achieved this growth as a result of a well-executed growth-by-acquisition strategy.

Indeed, Constellation has one of Canada’s best M&A team in the software space. The company continues to consolidate a fragmented software sector and has done more than 500 acquisitions over its life span. Thus, Constellation is a company with a proven business model that has provided continued growth over the years for long-term investors.

This is a company to buy and forget about for a decade or two.

BlackBerry

Perhaps the most speculative play on the list, BlackBerry (TSX:BB)(NYSE:BB) has seen its own share of catalysts take this stock on a wild ride this year.

The most high-profile Canadian meme stock, BlackBerry has found allure with retail investors of late. Those betting on short squeezes in the market have targeted BlackBerry as an excellent candidate for said squeeze. The company’s low price per share combined with its relatively high level of short interest and growth catalysts appear to have made this stock a “moon shot” bet for many investors.

The company’s share price has continued to display volatility of late, dissuading many long-term investors from owning this stock. However, BlackBerry does have a number of high-profile partnerships the company hopes will further expand its QNX platform to the mainstream.

BlackBerry is a unique pure-play software player with tonnes of upside right now. Long-term investors may want to take a gamble on this stock if it declines back to near the $10 level anytime soon.

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.

Fool contributor Chris MacDonald has no position in any stocks mentioned in this article. The Motley Fool owns shares of and recommends Constellation Software and Shopify. The Motley Fool recommends BlackBerry and recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.

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