2 Canadian tech stocks to buy under $15

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 2 Canadian tech stocks to buy under $15
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Highlights

  • The S&P/TSX Capped Information Technology Index has grown by nearly 30 per cent this year and by about four per cent in November.
  • As on Tuesday, November 16, it was also trading in the green territory on a quarter-to-date (QTD) basis.
  • The surge in the tech sector has recently been boosting the TSX’s benchmark index overall.

The S&P/TSX Capped Information Technology Index has grown by nearly 30 per cent this year and by about four per cent in November.

As on Tuesday, November 16, it was also trading in the green territory on a quarter-to-date (QTD) basis.

The surge in the tech sector, which has recently been boosting the Toronto Stock Exchange (TSX)’s benchmark index overall, has seemingly been drawing the attention of quite a few investors.

On that note, let us have a quick glance at two technology stocks listed on the TSX that are valued under C$ 15.

Also read: 5 TSX tech stocks to jazz up your investment portfolio

1.     Converge Technology Solutions Corp (TSX: CTS)

Converge Technology Solutions Corp is a Toronto-based firm that provides software enabled hybrid IT infrastructure solutions, including analytics, cybersecurity and cloud services across the United States and Canada.

Converge saw its stock close at C$ 11.46 apiece on Tuesday, November 16, up by nearly four per cent.

Converge Technology Solutions Corp (TSX:CTS)’s stock performance as of November 12

 Image source: © 2021 Kalkine Media Inc       

The C$ 2.4-billion market cap technology firm reported a revenue of C$ 367.3 million in the third quarter of fiscal 2021, which was a rise of 93 per cent on a year-over-year (YoY) basis. Its gross profit shot up by 60 per cent YoY to C$ 83.8 million in this quarter.

Converge Technology held a price-to-book (P/B) ratio of 4 and a return on equity of 3.1 per cent as on Wednesday, November 17.

2. Celestica Inc (TSX: CLS)

An electronic manufacturing services provider, Celestica Inc saw its stock close at C$ 14.2 apiece on November 16. It clocked a trading volume of nearly three million shares during this trading session.

Celestica recorded a top line of US$ 1.47 apiece in the third quarter of fiscal 2021, which was a decline of about five per cent on a YoY basis.

Its revenue from non-Cisco business, however, marked an increase of six per cent YoY in the latest quarter.

Its ATS revenue also surged in the third quarter of fiscal 2021, up by about 12 per cent from the same quarter a year ago.

Also read: CGI (GIB.A) posts $346M Q4 profit. An under-the-radar tech stock to buy?

Celestica Inc posted a price-to-earnings (P/E) ratio of 15.8 and a return on assets (ROA) of about 2.37 per cent on November 17.

Bottom line

The Canadian tech space has performed quite well through the pandemic, as more people depended on its services through the confines of their homes.

Some market experts have expressed their doubts about the tech sector’s performance in a time beyond COVID-19, when people may not have to rely as much on online services. However, some believe as a sector that adds on to innovation and digital transformation, the tech space is likely to do grow further in the future.

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