Predictions for the Top Canadian Tech Stocks in June 2024

Whether it’s the growth of artificial intelligence or e-commerce, these three tech stocks offer massive growth in June and beyond.

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Markets around the world are climbing past all-time highs. That includes the TSX today, which has been hovering around its all-time highs for a few months now. Yet now that we’re on the precipice of a bull market, it looks like the right time to get into top growth stocks. And those should include tech stocks.

Whether it’s the continued rise of e-commerce, artificial intelligence (AI), payments and more, these three tech stocks are the ones to watch among tech stocks in June 2024. So, let’s get into why.

Lightspeed stock

First up, we have Lightspeed Commerce (TSX:LSPD), which should see growth that could turn back into what investors enjoyed back in 2021. Lightspeed reported robust financial results for the fiscal year 2023, with significant revenue growth driven by recurring subscription fees and transaction-based revenue. For instance, Lightspeed’s revenue for the fourth quarter (Q4) of FY2023 was $146.6 million, representing a 38% increase year over year. The company has a market cap of $2.99 billion as of writing.

Some items that will support more growth include its e-commerce focus. The global e-commerce market continues to expand, with businesses increasingly adopting digital sales channels. The shift towards omni-channel retailing, accelerated by the COVID-19 pandemic, has sustained momentum, benefitting companies like Lightspeed stock.

Lightspeed stock’s strategic acquisitions and expanding customer base in retail and hospitality sectors enhance its competitive edge. High-profile clients, such as Theory, Tom Ford, and Nordstrom, underscore its market penetration and reliability. Now, with Dax Dasilva back on board, Lightspeed stock looks poised for more future growth.

Kinaxis stock

Another strong choice among tech stocks is Kinaxis (TSX:KXS). Kinaxis has shown strong financial performance with consistent revenue and earnings growth. In Q1 2024, Kinaxis reported revenue of $86.4 million, an increase of 24% year over year, with a corresponding net profit margin improvement.

The global supply chain management market is growing rapidly, driven by the need for more resilient and efficient supply chains. The ongoing digital transformation across industries has increased the demand for advanced supply chain solutions.

Kinaxis stock’s based RapidResponse platform is highly regarded for its real-time supply chain planning and analytics capabilities. Its customer base includes major corporations like Ford, Toyota, and Unilever, indicating strong market validation. As AI stocks continue to climb, Kinaxis stock should sincerely benefit.

Descartes stock

Finally, Descartes Systems Group (TSX:DSG) is last but certainly not least. DSG stock has demonstrated impressive earnings growth, with a 23% year-over-year revenue increase in Q1 2024, reaching $116 million. The company maintains a strong profit margin, with net income significantly rising due to increased demand for its logistics and supply chain management solutions.

The logistics and supply chain management market is experiencing robust growth due to globalization and the increasing complexity of global trade. Descartes is well-positioned to capitalize on this trend with its comprehensive suite of logistics software solutions.

Furthermore, DSG stock’s extensive customer base and strategic acquisitions have bolstered its market position. Its solutions are critical for enhancing supply chain visibility, efficiency, and compliance, making it a trusted partner for businesses worldwide. The stock combines the use of AI with the ongoing expansion of e-commerce. Altogether, these tech stocks should continue to show positivity in this recovering market in June and far beyond.

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 Amy Legate-Wolfe has positions in Kinaxis and Lightspeed Commerce. The Motley Fool recommends Descartes Systems Group, Kinaxis, and Lightspeed Commerce. The Motley Fool has a disclosure policy.

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