Growth investors have reason to look at Canadian tech stocks right now. For one, Canadian technology companies can be overlooked by global investors due to the size of the market. Additionally, these companies are less covered and provide more potential upside in a speculative bull market.
Accordingly, for investors who think the party is far from over, here are two top Canadian tech stocks to consider right now.
Top Canadian tech stocks: Shopify
Indeed, in the e-commerce space, this company is way ahead of its peers. Shopify offers an advanced e-commerce platform that has enabled businesses of all sizes to transition from the traditional brick-and-mortar setup smoothly.
Without a doubt, Shopify’s product has become a preferred choice for merchants who are looking to open an online store. Accordingly, this Ottawa-based company’s platform has proved to be crucial, especially after the government-imposed pandemic-related restrictions.
In my view, the growth in the e-commerce segment will not cease to exist anytime soon. Thus, the long-term outlook for this stock is quite favourable. Yes, considering the company’s current market price, Shopify is expensive. However, there are valid reasons why this stock is trading around $1,900 per share at the time of writing.
Now, the company did miss its quarterly earnings recently, leading to a small dip. However, investors will note that Shopify stock has since rebounded, speaking to the strength of this stock. I think there’s a lot to like about this company’s long-term prospects and remain bullish on this tech stock right now.
Constellation Software (TSX:CSU) is another hyper-growth top tech stock that investors ought to consider. This company’s focus is on consolidating the relatively fragmented software market in North America and around the world.
This is a company that has seen its share price absolutely skyrocket over the past 10 years. Long-term investors who have simply held onto this company have continued to outperform the market. Accordingly, when it comes to the tech space, this proven winner has been one of my top picks.
Of course, with a track record like Constellation’s, this is a company that is an easier stock to pick. The company’s growth catalysts remain in place. Accordingly, I don’t see a reason for Constellation to witness dramatically reduced growth anytime soon.
Yes, this company’s size will likely provide for some slowing of growth over time. However, I think Constellation remains well positioned as an aggregator in a highly sought-after space.
Right now, Constellation Software is a tech stock that should be on every growth investor’s watch list right now, in my view.