5 Growth Stocks You’ll Want to Own Before the Next Market Rally

Canadian investors can consider investing in quality growth stocks such as Shopify and Snowflake to benefit from exponential gains.

Businessman holding tablet and showing a growing virtual hologram of statistics, graph and chart with arrow up on dark background. Stock market. Business growth, planning and strategy concept

Image source: Getty Images

One way to earn life-changing wealth in the equity market is by investing in quality growth stocks. The majority of growth stocks have been routed in the first 11 months of 2022, allowing investors to buy the dip.

The current environment, though challenging, is the perfect time to invest in companies with strong fundamentals, as it’s impossible to time the market bottom. Given these factors, let’s take a look at five tech stocks you should own before the next market rally begins.


Shares of Shopify (TSX:SHOP) are down 76% from all-time highs, wiping off massive investor wealth in 2022. Investors are worried about the decelerating revenue growth and widening losses of the Canadian e-commerce company, driving SHOP stock lower year to date.

Shopify’s sales grew by 22% year over year in the third quarter (Q3) to US$1.4 billion compared to its year-ago growth of 46%. But Shopify continues to expand its suite of products and services, unlocking additional revenue streams in the process.

Shopify has onboarded two million merchants on its platform, and this number should move higher, as the company looks to expand in other international markets.


DocuSign (NASDAQ:DOCU) was one of the top performers in 2020, as COVID-19 increased demand for its products at an accelerated pace. It increased revenue by 49% in fiscal 2021 and 45% in fiscal 2022 (ended in January), pushing DOCU stock price to an all-time high of US$310. Right now, shares of the digital signature company are trading 86% below all-time highs.

DocuSign has forecast its total addressable market at US$50 billion, providing it with enough room to expand its top line in the future. Valued at a market cap of US$8.8 billion, DOCU stock is priced at 3.4 times forward sales, which is quite reasonable.

Shares of DocuSign are trading at a discount of more than 50% compared to Wall Street estimates.


One of the fastest-growing SaaS (software-as-a-service) companies in the world, Snowflake (NYSE:SNOW) stock is down 65% from record highs. Operating in the data analytics vertical, Snowflake increased revenue in Q3 of fiscal 2023 (ended in October) by 67% year over year to US$557 million. Its adjusted earnings per share more than tripled to US$0.12 per share.

The company ended the quarter with a remaining performance obligation that surged 66% to US$3 billion. Its customer base also grew 34% to 7,292, while the net revenue retention rate stood at 165%. So, existing customers increased spending on the Snowflake platform by 65% in the last year.

Green Thumb Industries

One of the largest cannabis producers globally, Green Thumb Industries (CNSX:GTII) should be on the shopping list of growth investors. The United States is the largest marijuana market in the world, and Green Thumb has a presence in 15 states south of the border.

Green Thumb’s leadership position will allow the company to surpass US$1 billion in annual sales in 2022. Six years back, its sales stood at less than US$10 million, showcasing Green Thumb’s ability to drive revenue through a combination of organic and acquisitional growth.


The final growth stock on my list is Docebo (TSX:DCBO), a Canada-based SaaS company that provides enterprise-facing e-learning solutions. Docebo’s software solutions include a robust learning management system allowing organizations to better train and educate their workforce.

Docebo’s expanding customer base has translated to revenue growth as sales increased from $35 million in 2018 to $139 million in 2021. Analysts expect Docebo to report revenue of $195 million in 2022 and $252 million in 2023.

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 Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Docebo, DocuSign, Green Thumb Industries, and Snowflake. The Motley Fool has a disclosure policy.

More on Tech Stocks

Make a choice, path to success, sign
Tech Stocks

The Best and Worst Canadian Stocks So Far in 2024

The recent rate cut could benefit two Canadian stocks but would not lift two underperforming tech stocks.

Read more »

question marks written reminders tickets
Tech Stocks

Could This Under-the-Radar Canadian Stock Be the Next Shopify?

An under-the-radar Canadian stock could be the next Shopify, given its market-beating and stellar returns thus far in 2024.

Read more »

A worker uses the cloud for paperless work. tech
Tech Stocks

The Best Stocks to Invest $500 in Right Now

Got a little extra cash you are looking to invest right now? Here are three Canadian tech stocks that are…

Read more »

edit Person using calculator next to charts and graphs
Tech Stocks

3 Little-Known Reasons to Keep Buying Nvidia Stock Even at Today’s Prices

Nvidia (NASDAQ:NVDA) stock is offering up lower share prices, making it worth your while for investors wanting to jump in.

Read more »

Target. Stand out from the crowd
Tech Stocks

3 TSX Stocks Near Their Lows That I’d Buy Right Now

Stock near or at their lows are worth looking into, especially if you understand the factors impacting their slump and…

Read more »

healthcare pharma
Tech Stocks

Why Well Health Stock Soared 14% This Month

Continued revenue momentum and increasing profitability should continue to boost Well Health's stock price into the future.

Read more »

Where to Invest?
Tech Stocks

The Best Stocks to Buy With $10,000 Right Now

These are the best stocks to buy right now as we leave inflation and high interest rates behind, and look…

Read more »

person on phone leaning against outside wall with scenic view at airbnb rental property
Dividend Stocks

3 of the Best TSX Stocks to Buy in June

These three TSX stocks are due to rise this summer as demand heats up within each of their respective fields.…

Read more »