Leading companies operating within the tech sector often have innovation as a core quality. This means that the companies that lead their respective markets are often trying to find ways to optimize and ultimately disrupt the current way of doing things. As a result, leading companies within the tech sector often experience tremendous growth over time. Because of this, growth investors have become very fond of tech stocks. In this article, I’ll discuss three great TSX tech stocks to buy today.
Choose this global company
Shopify (TSX:SHOP)(NYSE:SHOP) origin story is one that all entrepreneurs dream of. In 2006, Tobi Lütke, Shopify’s CEO, wanted to open an online store to sell snowboards. Dissatisfied with the options available, he decided to make his own platform. A lot of hard work and a few years down the road, Shopify has grown from a small startup in Ottawa to a global enabler of the e-commerce industry. Today, more than one million merchants around the world rely on Shopify to power their online stores.
Since its IPO in May 2015, Shopify stock has grown more than 5,200%. Today, the company is valued at an astonishing $232 billion. Despite those large numbers, Shopify’s growth rate continues to impress. For a recent example, investors can look to its Black Friday-Cyber Monday numbers. Over that weekend, the company reported a record-breaking US$6.3 billion in sales. That represents a 23% increase year over year.
Shopify continues to establish new partnerships with top enterprises each year (e.g., its recent partnership with Spotify). As the company continues to build a larger footprint within the e-commerce landscape, investors should expect this stock to grow. Shopify is a stock that still has so much more to give.
This company will grow alongside the e-commerce industry
The e-commerce industry has previously been forecasted to grow at a CAGR of 14.7% from 2020 to 2027. With the COVID-19 pandemic forcing consumers to shop online for the better part of two years, we have seen a rapid acceleration in e-commerce penetration. As consumers continue to purchase goods online, businesses should continue investing in optimizing their online store offerings. One aspect of these online stores is a reliable payments platform. For that, many businesses have chosen to go with Nuvei (TSX:NVEI)(NASDAQ:NVEI).
Nuvei provides merchants of all sizes with an omnichannel payments platform. Using its software, businesses are able to complete online, mobile, in-store, and unattended payments. This breadth of capabilities is what separates Nuvei from its competitors. Nuvei is now present in more than 200 global markets. In addition, its platform accepts 480 payment methods, 150 currencies, and 40 cryptocurrencies.
Nuvei stock has gained nearly 170% since its IPO just over a year ago. However, it currently trades at a 30% discount from its all-time highs. This is an excellent opportunity for investors.
The world is more digital now than ever before
As the business world continues to accommodate remote operations, enterprises will have to find a way to adapt many essential services to its workforce. For example, since in-person training isn’t really an option for many businesses, companies have had to invest in online training platforms. One of the most popular platforms among enterprises has been the one offered by Docebo (TSX:DCBO)(NASDAQ:DCBO).
Today, Docebo’s platform is relied upon by more than 2,600 enterprise customers. This includes the likes of Amazon (through AWS), Thomson Reuters, and BMW. Docebo stock has been very volatile this year. It fell about 40% to start the year, before going on a 135% rally. Today, the stock trades about 30% down from its all-time highs. However, the company is well positioned to grow in the future and the stock offers investors an interesting entry point today. This is a stock to consider adding to your portfolio.
