3 Growth Tech Stocks To Buy Right Now Not Named Zoom Or Tesla

The Nasdaq climbed 2.5% on Monday to start another busy week on Wall Street, as some of the big names in tech start to report their quarterly earnings results. The positivity was driven by some of the usual suspects during the market’s comeback from its coronavirus lows, including Tesla (TSLA - Free Report), Zoom ZM, and Amazon (AMZN - Free Report).

Investors have continued to pour into big tech stocks that appear more immune to the broader economic downturn for both safety and growth. Some on Wall Street question the massive run, given the overall economic harm the pandemic has caused. But the market is always future-looking and it’s hard not to remain in don’t fight the Fed mode with interest rates historically low.

On top of that, the tech portion of the S&P 500 is only set to see its second-quarter earnings sink -13% on -1% lower sales, while total S&P 500 earnings are projected to tumble -44.9% from the same period last year on -10.5% worse sales.

With this in mind, tech looks poised to remain a strong sector even as talk of a shift to value pops up. With this in mind, let’s look at three growth-focused tech stocks that investors might want to buy at the moment that aren’t named Zoom or Tesla…

Shopify (SHOP - Free Report)

Shopify helps over one million businesses build, maintain, and grow their e-commerce presence. The Canadian company’s offerings are highly attractive in an age where retailers need to expand their digital reach and its sales growth proved as much—soaring 73%, 59%, and 47% in the last three years alone. Shopify makes money from recurring subscription fees and add-ons such as payment processing. SHOP has also continued to partner with influential players within tech and retail, including both Facebook (FB - Free Report) and Walmart (WMT - Free Report).

The coronavirus pandemic has pushed e-commerce to the forefront, as businesses big and small rush to roll out for the first time or bolster their digital retail platforms. SHOP is one of the hottest names in all of tech and has crushed stay-at-home standouts such as Zoom and Netflix (NFLX - Free Report) since mid-March, up well over 200% from under $350 per share to its current price of over $1,000. This run might make some investors nervous, but even if there’s a near-term pullback, Shopify might remain attractive in the long run as it combines e-commerce, fintech, and other growth areas.

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