5 TSX tech stocks to jazz up your investment portfolio

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5 TSX tech stocks to jazz up your investment portfolio

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5 TSX-listed IT stocks to uplift your investment portfolio
Image source: © 2021 Kalkine Media Inc     

Highlights

  • Investors often look at the technology sector as it has grown immensely over the last few years.
  • On Monday, November 8, the S&P/TSX Capped Information Technology Index rose by 1.168 per cent, marking a year-to-date return of 26.344 per cent.
  • A tech stock mentioned here has rocketed by more than 159 per cent in the past year. 

Investors often look at the technology sector as it has grown immensely over the last few years.

Some early investors in the tech space reaped notable returns in the long term, which has motivated many others to consider this sector for their investment strategies.

In Canada, the tech sector marked a year-to-date return of 26.344 per cent on Monday, November 8, while companies like Nuvei (TSX:NVEI) and BlackBerry (TSX:BB) noted a stock price surge of over 100 per cent in a year.

Also read: 2 Canadian metaverse stocks that rose over 200% in a year

Let us quickly discuss five TSX-listed tech stocks that could deliver significant returns in long haul.

5 TSX-listed IT stocks to uplift your investment portfolio

 Image source: © 2021 Kalkine Media Inc     

1.    Shopify Inc (TSX:SHOP)

Canadian e-commerce facilitator Shopify Inc provides subscription and merchant solutions to small and medium-sized businesses. It saw its stock close at C$ 1,910.74 apiece on Monday, November 8, after clocking a day high of C$ 1948.2.

The ecommerce stock has surged by more than 11 per cent in the last one month and zoomed by almost 47 per cent in the last six months. Its year-to-date (YTD) return stood at nearly 33 per cent.

In the third quarter of FY2021, its total revenue marked a growth of 46 per cent on a year-over-year (YoY) basis.

Also read: Shopify's (TSX:SHOP) Q3 profit up 6 times. An undervalued stock to buy?

The C$ 217-billion market cap tech giant held a return on equity (ROE) of 38.87 per cent and a return on assets (ROA) of 32.48 per cent on Tuesday, November 9.

2.    Nuvei Corporation Subordinate Voting Shares (TSX:NVEI)

Canadian payment technology provider Nuvei Corporation saw its stock close at C$ 144.75 apiece on November 8, up by 5.68 per cent.

Nuvei Corporation (TSX:NVEI)’s stock performance as of November 8, 2021   

Image source: © 2021 Kalkine Media Inc     

Though its stock price has dipped by more than 12 per cent in the last one month, it has surged by almost 40 per cent in the previous three months.

NVEI stock has also rocketed by nearly 78 pr cent in the past six months, while rising by more than 159 per cent in the past year.

On the valuation side, it held a price-to-book ratio (P/B) ratio of 10.983 and an ROE of 1.13 per cent (as of November 9).

3.    BlackBerry Limited (TSX:BB)

BlackBerry Limited, which was formerly known for its smartphones worldwide, now offers intelligent security software and service solutions to business enterprises and governments.

The Waterloo-based cyber security provider witnessed its stock close at C$ 14.02 apiece on November 8.

BB stock has soared by nearly 20 per cent in the past month, while it rose by more than 42 per cent in the last six months. It also swelled by nearly 122 per cent in the previous year and delivered a YTD return of more than 66 per cent to its investors.

Also read: Is Facedrive (TSXV:FD) stock a buy after soaring 61% in a day? 

4.    Descartes Systems Group Inc. (TSX:DSG)

Descartes Systems Group Inc is a Canadian technology firm that provides Software-as-a-Service (SaaS) solutions to logistic-intensive businesses through its Global Logistics Network.

Stocks of Descartes Systems jumped up by 4.079 per cent to close at C$ 106.66 apiece on November 8.

DSG stock has expanded by roughly 47 per cent in the past six months, while it gained by about 38 per cent in the last year. On a YTD basis, it has yielded a return of more than 43 per cent.

Descartes Systems Group held an ROE of 7.90 per cent and an ROA of 6.78 per cent.

5.    Constellation Software Inc (TSX:CSU)

Constellation Software Inc is a Canadian tech player that provides tailored software solutions for private and public sectors.

On November 8, Constellation stock was priced C$ 2,198.09 apiece at market close, noting a rise of 1.864 per cent.

CSU stock has scaled up by nearly 25 per cent in the past six months and spiked by almost 40 per cent in the last year.

Constellation Software, which is headquartered in Toronto, recorded an ROE of 40.33 per cent and an ROA of 7.55 per cent (as of November 9).

The company is supposed to dole out a quarterly dividend of US$ 1 apiece to its shareholders on January 11, 2022.

Bottom line

As the pandemic triggered a digital revolution worldwide, the Canadian technology space could perform even better in the future.

However, investors are advised to research about a company, its operations and financials to evaluate whether the stock is fundamentally sound or not.

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