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3 Top Tech Stocks to Buy Now

Amy Legate-Wolfe
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It looks like the ride might be over. The markets supported the tech industry for far longer than predicted, but now it looks like investors are getting wary of some of the top tech stocks. Some of the most popular stocks of the year have been a part of the tech industry, climbing to all-time highs, even as the country heads towards a recession. But as of late, those share prices have slumped dramatically.

But that doesn’t mean those share prices won’t rise again. In fact, once it looks like Canadian markets are on the other side of a recession, investors could see a huge boost in these popular tech stocks. That makes now a strong time to buy at a bargain before these three stocks come back from the depths.

Shopify

It seemed like shares of Shopify (TSX:SHOP)(NYSE:SHOP) weren’t going anywhere but up this year, as the stock rose an incredible 189.5% by mid-August. Yet that’s when investors started to worry that this stock might be due for a downfall. Since the end of August, the stock has dropped by 20% as of writing.

Not that it’s anything Shopify is doing wrong, but again, it’s the industry that the company is in. In fact, Shopify has continued to beat analyst expectations and raise its guidance for the year, despite the market downturn. While the company still needs to face a recession, given that its recurring revenue continues to rise, I don’t think investors should worry. In fact, its fulfillment centres coupled with the rise in its Shopify Plus clientele should spell out continued increases in revenue rather than slumps in the near future.

BlackBerry

BlackBerry (TSX:BB)(NYSE:BB) is a bit of a different story. This year has been incredibly interesting for shareholders, with the stock price hitting $13 per share, falling to $9 per share, and most recently reaching $10 per share. So, where does that leaves potential investors looking at BlackBerry?

In my books, this stock is still a bargain, as it’s entered a market where it has been dominating. The company has moved on to software from hardware, and its cybersecurity should prove invaluable in every market that could use wireless. This includes autonomous vehicles, where BlackBerry is already set up, and even FAANG can’t catch up. The company is moving closer to the black, so investors should see a strong rise from this company and soon.

Lightspeed

It was a killer run for Lightspeed POS (TSX:LSPD) since its initial public offering (IPO) back in March, but things have taken a turn as of late. After climbing almost 160% by mid-August, the stock has since dropped down to around $33.50 per share as of writing. Yet again, this has brought on opportunity for investors.

Lightspeed is part of the point-of-sale (POS) industry, a huge industry set to explode over the next few years with Lightspeed taking on a massive market share. The company is set up in 100 countries, but so far only serves small- and medium-sized business. In that way, it’s similar to the beginnings of Shopify, and we all know what’s happened there. Where Lightspeed differs is, it provides analysts and recommendations to its clients based on its software. If larger companies come on board, Lightspeed should see massive growth, as the POS industry continues to expand.

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Fool contributor Amy Legate-Wolfe owns shares of Lightspeed POS Inc and Shopify. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of BlackBerry, BlackBerry, Lightspeed POS Inc, Shopify, and Shopify. BlackBerry and Shopify are recommendations of Stock Advisor Canada.

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