3 No Brainer Tech Stocks to Buy With $500 Right Now

Here are three no-brainer tech stocks long-term investors on a limited budget may want to consider right now.

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For those looking to invest in the top no-brainer tech stocks in this current market, there are certainly plenty of options to choose from. As most Canadian investors will note, most of the top ideas in this space typically reside on U.S. exchanges. However, there are a few top Canadian growth stocks I think fit the bill nicely for those investors looking to generate outsized gains over the long-term.

For investors with a limited budget, here are three top tech stocks I think are worthy of consideration right now.

Shopify

Shopify (TSX:SHOP) has become synonymous with the e-commerce industry. As a leading platform for small and medium-sized businesses to build online stores, Shopify enables entrepreneurs to manage and scale their operations with ease. With the global shift toward online shopping, Shopify is well-positioned to grow further.

Created with Highcharts 11.4.3Shopify PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

Shopify Inc.’s gross merchandise value (GMV) increased by 22% on a year-over-year basis to $67.2 billion during its second quarter. It serves more than two million merchants and will continue to grow its user base and GMV for years to come. Shopify’s shares are quite volatile and have made 5% increments 15 times over the last year. 

According to the company’s management, Shopify has kicked off the holiday season of 2024 in record fashion. The merchants generated $11.5 billion in gross merchandise volume during the Black Friday and Cyber Monday sales. 

Constellation Software

Constellation Software (TSX CSU) has built an enviable reputation for acquiring niche software companies and turning them into profitable ventures. Its proven strategy and disciplined management make it a consistent performer and a safe bet for any tech-focused portfolio.

Created with Highcharts 11.4.3Constellation Software PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

Over the past 5 years, Constellation Software Inc. has managed to grow its earnings per share by 6.9%. In addition, the company’s shareholders have received a total return of 42% in the past financial year excluding dividends. The company has had a better annualized return of 32% over the past five years, indicating its top performance in recent years. 

In the third quarter of 2024, Constellation Software Inc. grew its revenue by 20% to $2.5 billion. The company also completed several acquisitions for an aggregate cash consideration of $197 million. With its proven resilience and ability to generate shareholder value, Constellation is a no-brainer stock to buy now.

Kinaxis

Kinaxis (TSX:KXS) has carved a niche in supply chain management and operations planning software. Its cloud-based solutions are increasingly sought after by global enterprises grappling with supply chain complexities, especially post-pandemic.

Created with Highcharts 11.4.3Kinaxis PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

The company generates revenue mostly from its software and programming segment, amounting to $471.2 million. Kinaxis’ business model focuses on providing cloud-based solutions for supply chain operations across multiple regions. In addition, it recently showcased its robust engagement to increase supply chain efficiency. 

Kinaxis Inc.’s innovations have put the company in the spotlight as indicated by its R&D expenses, which have strategically strengthened its competitive advantage in the tech industry. With recent earnings growth of 42.9% per year and a projected revenue increase averaging 12.9% per year, the company is positioned as a supply chain solutions leader in the wake of rising market demands.

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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 Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Constellation Software and Kinaxis. The Motley Fool has a disclosure policy.

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