CSU & GIB.A: 2 TSX tech alternatives to see as Amazon plans stock split

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CSU & GIB.A: 2 TSX tech alternatives to see as Amazon plans stock split

CSU & GIB.A: 2 TSX tech alternatives to see as Amazon plans stock split
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Highlights

  • Amazon Inc (NASDAQ: AMZN, AMZN: US) announced its plans for a stock split on Wednesday, March 9.
  • Following this development, AMZN stocks shot up nearly seven per cent on Wednesday in post-market hours.
  • Notably, Amazon’s stock split plans, which reportedly comes for the first time since the since the dot-com boom, could draw investors' attention towards other major tech stocks.

Amazon Inc (NASDAQ: AMZN, AMZN: US) announced its plans for a stock split on Wednesday, March 9, wherein its investors will receive 20 shares for each share they presently hold. The tech giant also announced a buyback plan of up to US$ 10 billion.

Following this development, AMZN stocks shot up nearly seven per cent on Wednesday in post-market hours.

Notably, Amazon’s stock split plans, which reportedly comes for the first time since the since the dot-com boom, could draw investors' attention towards other major tech stocks.

On that note, let us look at two TSX tech stock alternatives.

Constellation Software Inc (TSX: CSU)

Constellation's fourth-quarter revenue grew by 27 per cent year-over-year (YoY) to US$ 1.38 billion in 2021. Its net income, however, reduced by 17 per cent YoY to US$ 124 million in the latest quarter.

Also read: Shopify (SHOP) vs Nuvei (NVEI): Which can be a better TSX tech stock?

Stocks of Constellation Software climbed about 22 per cent in the last one year, while CSU scrip jumped by over three per cent to close at C$ 2,122 apiece on Wednesday.

CGI Inc (TSX: GIB.A)

CGI Inc reported a revenue of C$ 3.09 billion in Q1 FY2022, representing a growth of 2.4 per cent YoY. Its adjusted EBIT jumped 5.2 per cent YoY to C$ 521.5 million in the latest quarter.

The information technology service company saw its net profit expand by seven per cent YoY to C$ 367.4 million, based on Generally Accepted Accounting Principles (GAAP).

 CGI (GIB.A) Q1 FY2021 results

CGI stock gained by almost three per cent to close at C$ 103.67 apiece on Wednesday.

Also read: Why is Bumble (BMBL) stock trending? 

Bottomline

Canadians looking for tech stocks amid Amazon’s stock split plans can explore Constellation Software and CGI. However, investors should also consider the prevailing market environment and a company's growth prospects before diving into any investment decision.

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