3 High-Growth Tech Stocks to Add Right Now

Here are three top tech stocks long-term growth investors will definitely want to take a look at in this current environment.

| More on:
A person suffering

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn more

The technology sector continues to be a hot area of focus for growth investors. Indeed, tech-related innovation is what drives sustainable economic growth. And being on the right side of the long-term trajectory has proven to be a winning strategy in recent decades. Among the top tech stocks on the TSX are the following companies.

Let’s dive in.

Top tech stocks: Shopify

Among the top growth-oriented tech stocks on the TSX, Shopify (TSX:SHOP)(NYSE:SHOP) continues to lead the pack. This e-commerce juggernaut’s growing influence and network effect are impressive. As a leading e-commerce platform provider for SMBs, Shopify provides excellent leverage to the economic recovery across North America and the world.

The question many investors have with growth superstars like Shopify is whether the growth these companies have shown is sustainable. This will continue to be a question for Shopify. Indeed, this company’s valuation multiple is in the nosebleeds of what’s currently feasible in today’s market.

However, it appears the market is pricing in continued sky-high growth with this tech stock for some time. As long as businesses continue to gravitate toward omnichannel solutions, Shopify will do well. That appears to be a relatively safe bet today.

Lightspeed POS

When it comes to successful growth by acquisition plays, Lightspeed’s (TSX:LSPD)(NYSE:LSPD) reputation precedes its name. However, this tech play has witnessed glorious growth in the past couple of years and continues to have several underlying catalysts for the future.

This POS and e-commerce omnichannel tech service provider continue to consolidate its fragmented sector. In fact, there are only a few companies that have successfully executed such an aggressive growth-by-acquisition strategy.

As more digitization takes hold in the retail sector, Lightspeed stands to benefit. This is a company that’s taking old-school, traditional retailers out of the dark ages and making SMBs relevant to younger consumers. Accordingly, this company’s product profile is much-needed as far as innovation in the retail space goes.

Like Shopify, Lightspeed’s valuation remains elevated. Accordingly, valuation-related risks do exist with both picks. That said, both tech stocks provide excellent upside to long-term digitization growth catalysts, which growth investors will like.

BlackBerry

As far as higher-risk, higher-reward tech stocks go, BlackBerry (TSX:BB)(NYSE:BB) certainly makes the list.

This meme stock has seen high volatility this year as retail investors have dove in and out of this Canadian tech stock. Indeed, BlackBerry’s stock price has become detached from its fundamentals of late.

However, at these levels, it’s becoming clearer that BlackBerry’s intrinsic value is holding this stock near these higher levels. The company’s QNX platform and high-profile partnerships to develop the company’s IVY platform could bode well for investors over the long term.

BlackBerry’s current price of around $15 per share certainly prices in a fair amount of growth. However, for long-term growth investors bullish on BlackBerry’s technology and turnaround story, this could be a decent entry point to consider this stock today.

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 Lightspeed POS Inc 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.

More on Tech Stocks

Money growing in soil , Business success concept.
Tech Stocks

Got $1,000? Buy These 3 Top Growth Stocks

These three Canadian growth stocks could deliver superior returns over the long run.

Read more »

Man making notes on graphs and charts
Tech Stocks

TFSA Investors: 2 U.S. Stocks I’m Never Selling

Are you looking for U.S. stocks to hold in your portfolio? Here are two stocks I’m never selling!

Read more »

grow money, wealth build
Tech Stocks

TFSA Cash: Turn Your $81.5K Into $330K by 2032

These Canadian stocks have the potential to deliver average annual returns over 15% and create significant amount of wealth for…

Read more »

Male IT Specialist Holds Laptop and Discusses Work with Female Server Technician. They're Standing in Data Center, Rack Server Cabinet with Cloud Server Icon and Visualization
Tech Stocks

1 TSX Tech Stock to Buy Today and Forget for the Next 5 Years

This high-growth tech stock could multiply your invested money in the next five years if you buy it in time.

Read more »

Businessperson's Hand Putting Coin In Piggybank
Tech Stocks

TFSA Investors: Got $6,000? Here’s How You Can Power Up Your Portfolio

Are you trying to find stocks to add to your TFSA? Here’s how you can power up your portfolio!

Read more »

Hand holding smart phone with online shop concept on screen
Tech Stocks

Shopify Stock or Lightspeed Stock: Should You Buy Either?

Shopify stock (TSX:SHOP)(NYSE:SHOP) and Lightspeed stock (TSX:LSPD)(NYSE:LSPD) are both up in the last month, but should you buy?

Read more »

Tech Stocks

Got $300? 2 Simple TSX Stocks to Buy Right Now

These two TSX stocks aren’t as popular as other names, but they are smart buys right now because both are…

Read more »

shopping online, e-commerce
Tech Stocks

Better Buy: Shopify (TSX:SHOP) or Amazon (NASDAQ:AMZN)?

The e-commerce giants in Canada and the U.S. have underperformed in 2022, although critical investments for growth are ongoing in…

Read more »