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3 High-Growth Tech Stocks to Add Right Now

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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.

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