Tech stocks have been the topic of many investment conversations this year. For the most part, that hasn’t been for a good reason. Many tech stocks have fallen very heavily over the past few months, with valuations returning to prices last seen in 2019 and 2020. With that in mind, why would anyone ever invest in tech stocks today? Well, investors have an opportunity to buy shares at very attractive prices. I believe this is an opportunity that growth investors should capitalize on. Here are three top tech stocks to buy today.
An opportunity to turn back the clock
Shopify (TSX:SHOP)(NYSE:SHOP) has been a very popular stock among Canadians since its IPO. However, if you started investing in this company within the past year, your view of it may be very different. Since hitting its peak, Shopify stock has fallen nearly 80%. In fact, Shopify stock now trades at a valuation last seen in 2020. Over the past two years, many investors have stated that Shopify stock has run up much too high. However, today, you could get in at a price that is much more affordable.
In my opinion, Shopify’s business remains very strong. The e-commerce industry should continue to grow over the coming years, especially as today’s younger consumers eventually grow to represent a larger proportion of the global consumer base. Shopify’s business is built upon a subscription service, which provides it with a very stable source of revenue. This company has many of the characteristics that I look for in a top growth stock. It may be going through a rough period right now, but I’m confident in its future.
Take advantage of companies working remotely
As it stands, many employees around the world are continuing to work remotely. As a result, training managers will have to find a way to accommodate these situations. This provides Docebo (TSX:DCBO)(NASDAQ:DCBO) with an excellent environment to operate in.
Docebo’s business is built upon a cloud-based and AI-powered eLearning platform. Using this software, managers can assign, monitor, and modify training programs much easier. Through its history, Docebo has done an excellent job of attracting massive names to its platform. It has secured an integration with Salesforce, allowing companies to streamline their CRM and LMS processes. Docebo has also locked up a multi-year agreement with Amazon to power its AWS Training and Certification offerings worldwide.
This stock could be a powerhouse
If there’s one tech stock that I think more investors should take note of, it’s Topicus.com (TSXV:TOI). What interests me about this company is its potential to become the next Constellation Software. Of course, that’s a very lofty goal for any company to strive for. However, Topicus may have a real chance at it.
Prior to its IPO, Topicus was actually a subsidiary of Constellation Software. Even though it now operates as its own entity, Topicus continues to maintain very strong ties with its former parent company. Six members of Topicus’s board of directors are present or former executives from Constellation Software. If Topicus can lean on that wealth of expertise, it could very well become a major stock market winner over the coming years.
