Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

3 Top Tech Stocks to Buy Right Now

Stock MarketsJun 14, 2021 08:16
Saved. See Saved Items.
This article has already been saved in your Saved Items
3 Top Tech Stocks to Buy Right Now

It’s easy to see why growth investors are so adamant about investing in the tech industry. Companies around the world are relying on these companies more than ever before. From hosting company websites, to payroll, to employee training, tech companies are very much present in every aspect of business. However, there are so many companies out there. So, which ones should investors consider buying? In this article, I discuss three top tech stocks to buy right now.

This company keeps getting more impressive Shopify (TSX:SHOP)(NYSE:SHOP) has already rewarded investors with generous returns since its IPO. However, there are so many reasons to think the stock’s best days of growth are still to come. In 2020, Shopify continued its strong performance and claimed the title of largest company in Canada by market cap. After a strong year that saw its total revenue increase 86% from 2019 to 2020, Shopify has continued to impress early in 2021. Its Q1 revenue increased 110% year over year.

On Thursday, Shopify’s founder and CEO, Tobi Lütke tweeted “Welcome – you are looking great.” With Netflix (NASDAQ:NFLX) joining the already impressive list of large-cap stocks using Shopify to power their online sales, it’s very likely that Shopify’s revenue could continue to soar in the coming years. The fact that a high-profile company like Netflix has chosen Shopify as its e-commerce website provider could also open the floodgates to more companies choosing Shopify over its competitors.

Digital payment companies will continue to grow As e-commerce continues becoming adopted by consumers, digital payments should follow. Some e-commerce website providers like Shopify provide their own payments solutions. However, some businesses may prefer the omnichannel solutions provided by companies like Nuvei (TSX:NVEI). Today, the company is present in 200 global markets, accepting 450 payment methods in 150 currencies.

Nuvei’s management team has previously stated that they intend to continue innovating as the payments landscape changes. Recently, Nuvei announced that it would be accepting cryptocurrencies on its payment platforms. Today, customers are able to transact using popular cryptocurrencies like Bitcoin and Ether. Nuvei stock has performed very strongly since its historic IPO last September, gaining 80%. At a market cap of $11.5 billion, Nuvei will provide five to 10 times returns if it manages to reach the size of other popular payments companies like PayPal and Adyen.

Roll back the clock with this stock Since 2006, putting money into Constellation Software would have been one of the greatest investments you could have made. The stock has gained more than 9,500% since its IPO, creating loads of new millionaires. However, investors are worried about potentially slower growth rates moving forward. This is a common concern, as larger companies tend to grow more slowly than newer companies. However, there is a bit of good news. Investing in (TSXV:TOI) could be like rolling back the clock with Constellation Software.

Topicus was spun out of Constellation Software earlier this year. Since then, it has operated as its own entity, but the former parent company still has a large role in its everyday operations. Six members of the Topicus board of directors are executives from Constellation Software. This means the younger company will continue to benefit from Constellation Software’s leadership and experience. Since its IPO, Topicus has gained about 30%. However, if this really does end up being Constellation 2.0, get ready for a wild ride.

The post 3 Top Tech Stocks to Buy Right Now appeared first on The Motley Fool Canada.

The Motley Fool owns shares of and recommends Constellation Software, Netflix, PayPal Holdings, Shopify, and Topicus.Com Inc. The Motley Fool recommends the following options: long January 2022 $75 calls on PayPal Holdings, long January 2023 $1,140 calls on Shopify, and short January 2023 $1,160 calls on Shopify. Fool contributor Jed Lloren owns shares of Adyen and Shopify.

This Article Was First Published on The Motley Fool

3 Top Tech Stocks to Buy Right Now

Related Articles

2 Top Canadian Stocks to Watch This Week
2 Top Canadian Stocks to Watch This Week By The Motley Fool - Jul 26, 2021

The second-quarter earnings season is upon us and more than 130 Canadian public companies will release their quarterly earnings results this week. Such key events sometimes offer...

One Crazy Reason to Use Your Credit Card More
One Crazy Reason to Use Your Credit Card More By The Motley Fool - Jul 26, 2021

In your long life of adulting, you’ll surely cross paths with smart, financially savvy people who don’t use credit cards. They’re the types of people who whip out...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email