Are Meta, Shopify, and Apple Stocks Good Buys Today?

Meta Platforms (NASDAQ:META) and another large-cap tech stock worth watching going into the third quarter.

| More on:
Coworkers standing near a wall

Image source: Getty Images

Canadian investors should be open to investing in some of the U.S. technology companies, even after their incredible runs. Though Canada has a wide selection of tech firms, there just aren’t as many to choose from, especially for investors seeking to expose themselves to specific areas of tech. Indeed, smartphones, AI, and social media are all areas worth investing in. And Canadians can fly south of the border for more of such exposure.

Of course, Shopify (TSX:SHOP) is the large-cap tech titan in e-commerce that many Canadian investors may have exposure to. As wonderful a company as Shopify is (its CEO Tobias Lütke is one of the smartest managers in Canada), you should be willing to diversify your tech basket to avoid single points of failure. Indeed, the more than 80% peak-to-trough crash in SHOP stock during the 2021–22 sell-off really hit hard.

Without further ado, let’s have a closer look at a trio of tech plays that could make terrific buys going into the autumn season.

Shopify

No surprise here, Shopify stock is a great long-term holding for any young Canadian investor. It conveniently trades on the TSX Index and could help growth investors achieve their long-term goals.

The stock recently suffered a 16% correction after soaring as high as $92 per share as part of a glorious tech rebound. I view the correction as expected, and more to do with macro jitters than issues at Shopify. Of course, Shoopify’s second-quarter results failed to enthuse investors despite the solid earnings number and confident management commentary.

Short term, I expect Shopify could keep retreating, so do be ready to buy on the way down. It’s a choppy ride and one that could be that much choppier in the second half of 2023. At $77 and change, SHOP stock looks enticing if you lack e-commerce exposure.

Meta Platforms

Meta Platforms (NASDAQ:META) more than tripled off its lows of last year. Undoubtedly, if you missed the move, I don’t think there’s any reason to fret, as shares begin retreating again. Indeed, a correction is much-needed and could provide investors with another shot to bet on Mark Zuckerberg’s comeback. The company has impressive AI exposure, but more importantly, it may have what it takes to dominate the metaverse.

Indeed, the metaverse (or VR/AR) is a place Canadians should seek to gain exposure, as it’s a massive market that could accompany sizeable gains. Meta stock’s not a bargain anymore, but it’s still not absurdly priced at $310 and change.

Apple

Apple (NASDAQ:AAPL) is an iPhone maker that is ready to make a move into VR/AR, as its Vision Pro headset launches next year. Indeed, very few people have actually dawned the Apple headset. But those who have had pretty upbeat things to say. In any case, Apple stock looks like a terrific bargain following its 4.8% drop the day after its latest round of earnings results.

I think Apple is a must-own on any dip. At 30.9 times trailing price-to-earnings, shares aren’t as cheap as they could be. But given the impressive tech you’re getting from the name, I’d not be afraid to start nibbling in at $181 and change.

Simply put, you can’t find an Apple comparable here on the TSX!

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.

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Fool contributor Joey Frenette has positions in Apple. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Apple and Meta Platforms. The Motley Fool has a disclosure policy.

More on Tech Stocks

question marks written reminders tickets
Tech Stocks

Nvidia’s Historic Stock Split: Will Investors See Bigger Gains?

Nvidia's (NASDAQ:NVDA) record 10:1 stock split entices many investors in several important ways. But some myths aren't technically correct.

Read more »

A worker drinks out of a mug in an office.
Tech Stocks

Want $1 Million in Retirement? 3 Stocks to Buy Now and Hold for Decades

Growth stocks such as Docebo and Celsius Holdings should help you generate outsized gains in the upcoming decade.

Read more »

Male IT Specialist Holds Laptop and Discusses Work with Female Server Technician. They're Standing in Data Center, Rack Server Cabinet with Cloud Server Icon and Visualization
Tech Stocks

Missed Out on NVIDIA? My Best Growth Stock Pick to Buy and Hold

A TSX growth stock is a top pick and profitable investment choice if you missed out on the ascent of…

Read more »

grow dividends
Tech Stocks

3 Tech Stocks That Could Make You a Millionaire

Given their long-term growth potential, these three tech stocks could deliver oversized returns in the long run.

Read more »

Businessman holding AI cloud
Tech Stocks

Ready to Invest in Artificial Intelligence (AI)? 2 Stocks That Are Solid Bets

These two AI stocks provide investors with strong future opportunities as AI continues to become a part of our everyday…

Read more »

Dice engraved with the words buy and sell
Tech Stocks

Is Lightspeed Stock a Buy, Sell, or Hold?

Down 88% from all-time highs, is Lightspeed stock a good buy in May 2024 and can the TSX tech stock…

Read more »

Overhead shot of young adults using technology at a table
Tech Stocks

Forget NVIDIA: 1 Tech Stock to Buy Instead

Here’s why Shopify (TSX:SHOP) stock could be a smart long-term buy for investors willing to look beyond NVIDIA’s impressive growth.

Read more »

Lights glow in a cityscape at night.
Tech Stocks

2 Artificial Intelligence Stocks to Buy and Hold for the Next Decade

Qualcomm (NASDAQ:QCOM) and another well-placed AI stock could drive substantial capital gains over the next decade. Here's how.

Read more »