2 Tech Stocks to Buy Right Now

Shopify Inc. stock and Lightspeed POS stock are ideal investments for you to consider for your portfolio right now.

| More on:
Overhead shot of young adults using technology at a table

Image source: Getty Images

The Canadian tech sector boasts several remarkable success stories that have made investors wealthy in a short time. Most of today’s top growth stocks belong to the tech industry. If you are a Canadian investor looking for opportunities in the stock market to enjoy substantial returns, it is natural you might want to add tech stocks to boost your returns.

The only question is: How can you pinpoint which stocks will be suitable investments for that purpose?

Finding the right stocks that have not only provided significant returns but have the momentum to keep them coming is the best way to go. I will discuss two such stocks that you could consider adding to your portfolio for the long run.


Shopify (TSX:SHOP)(NYSE:SHOP) has to be one of the easiest choices you can make if you want to start investing in technology. The Canadian tech stock has been a stellar growth stock for investors since it became a publicly traded company. It has shown time and time again that it is the top stock in the online retail market.

The company saw an increase of 86% in its total revenue from 2019 to 2020. The first quarter of fiscal 2021 saw Shopify report a 110% increase in its revenue from the same period last year. The company’s immense potential is undeniable as the e-commerce industry grows and expands into the retail space.

The stock is already up by 5,160% since its IPO in 2015, and it arguably has much more room to grow, making it an ideal long-term investment to consider.

Lightspeed POS

Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is another remarkable success story in the Canadian tech sector. The company was struck hard by the initial panic induced by the pandemic as its customers were forced to unsubscribe to its services.

Fortunately, Lightspeed POS’ management was quick to adapt to the changing landscape, and it expanded its product offerings to cater to its customers’ demands. The rising adoption of online shopping and an omnichannel selling model led to the company’s immense success during 2020.

The company has been leveraging its organic growth by launching innovative new products and by an accretive acquisition strategy to expand its customer base to accelerate its growth. Lightspeed has completed several acquisition deals to reach even more customers in the last few months. At writing, the stock is up by 443% since its IPO, and it has plenty more room to grow in the coming years.

Foolish takeaway

Tech companies like Shopify and Lightspeed POS have already provided massive returns to investors who bought shares in the two companies early on. Many investors might consider the current valuations for both companies to be expensive.

However, I believe that these two stocks can still provide you with stellar long-term returns if you stay invested in the companies. If you are looking to start investing in technology, Shopify stock and Lightspeed POS stock could be ideal assets to consider.

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 Adam Othman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Lightspeed POS Inc and Shopify. The Motley Fool recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.

More on Investing

Golden crown on a red velvet background
Dividend Stocks

3 Surefire Dividend Aristocrats That Are No-Brainer Buys in 2023

Cash flow-rich companies such as Fortis and Canadian Utilities should be part of your dividend portfolio in March 2023.

Read more »

Airport and plane
Dividend Stocks

Down by 20%: Is Air Canada Stock a Buy After its Earnings?

Air Canada stock continues trading for a significant discount after its earnings release, but it still might not be a…

Read more »

grow money, wealth build
Tech Stocks

$10,000 Invested in These Growth Stocks Could Make You a Fortune Over the Next 10 Years

Growth stocks such as Dollarama and Chewy are well poised to deliver outsized gains to long-term investors.

Read more »

Two seniors float in a pool.
Stocks for Beginners

2 Smart Stocks to Buy in 2023 That Could Help You Retire Richer

When it comes to investing in smart stocks on the TSX today, these two are some of the best that…

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Wednesday, March 29

Corporate earnings and banking sector updates could give further direction to TSX stocks today.

Read more »

Dividend Stocks

Better Buy for TFSA Passive Income: Fortis Stock or Enbridge?

Fortis and Enbridge stock look cheap today for a TFSA targeting passive income.

Read more »

grow dividends
Dividend Stocks

These 3 Stocks Could Grow (at Least 5X) in the Next Decade if They Repeat History

Three stocks could soar by least five times more if they repeat history with the return of a bull market.

Read more »

analyze data

Brookfield Stock: Deep Value Hiding in Plain Sight as Shares Sink to 52-Week Lows

Brookfield Corp. (TSX:BN) stock seems like a great buy versus Brookfield Asset Management (TSX:BAM) for TSX value investors.

Read more »