2 Top Technology Stocks to Buy on the TSX Today

These TSX technology stocks have high growth potential, making them worthy candidates for buying now.

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After underperforming throughout 2022, several TSX tech stocks experienced a rebound in 2023. While the uncertain economic trajectory and challenges posed by constrained consumer and enterprise spending remain a drag, tech stocks are poised to capitalize on the digital shift. Additionally, the anticipated stabilization of interest rates and overall economic improvement will provide a substantial uplift to tech stocks that have not yet participated in the current year’s rally.

In light of these circumstances, let’s delve into two compelling Canadian stocks from the tech sector with high growth potential, making them worthy candidates for buying on the TSX today. 


Shopify (TSX:SHOP) is a must-own Canadian tech stock for creating wealth. The e-commerce platform provider is best positioned to capitalize on the digital shift. This is reflected in the resilience of its revenues and its ability to deliver strong growth even with its large scale. 

Thanks to its strong performance, Shopify’s stock has steadily recovered so far this year. For instance, its shares have witnessed an impressive year-to-date rally of nearly 112%. The growing adoption of its innovative products and the expansion of sales and marketing channels indicate that Shopify could continue to expand its merchant base, drive transaction volumes, and deliver substantial revenues in the coming years.

Further, Shopify’s cost reduction initiatives and focus on the asset-light model will cushion its margins and enable this technology company to generate sustainable earnings. In summary, the durability of its revenue, strong gross merchandise volumes, and focus on delivering sustainable earnings augur well for growth. Additionally, Shopify’s optimistic outlook on the attach rate further strengthens my confidence in its prospects.


Lightspeed’s (TSX:LSPD) solid growth and cheap valuation make it a top tech stock to buy now. Its cloud-based commerce platform supports omnichannel transitions and caters to small- and medium-sized businesses. The company’s flagship solutions, Lightspeed Restaurant, and Lightspeed Retail, offer unified commerce options for the hospitality and retail sectors. This positions Lightspeed favourably to benefit from the ongoing shift in selling models toward multi-channel commerce platforms. 

Notably, Lightspeed’s revamped go-to-market strategy will drive sustainable earnings growth by streamlining operations and targeting high gross transaction value (GTV) customers. These high GTV customers have the resources to adopt the company’s multiple modules, thus boosting the overall average revenue per user (ARPU), lowering the churn rate, and driving profitability. 

Lightspeed witnessed a 9% increase in customers with over $1 million in GTV during the second quarter of fiscal 2024. Additionally, the tech company noted that its unified payments are driving its high GTV locations and supporting its ARPU. Besides growing organically, Lightspeed will likely benefit from its strategic acquisitions, which drive its customer locations, help accelerate product development, and strengthen its competitive positioning. 

While Lightspeed is poised to deliver solid growth, its stock is trading at a forward enterprise value/sales multiple of 1.8, much lower than its historical average. With its online and offline offerings, Lightspeed is well positioned to benefit from the retailers’ and restaurant operators’ increased spending on tech advancements. Meanwhile, its discounted valuation provides a solid entry point near the current levels. 

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

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