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Markets around the world are hitting all-time highs, including the TSX today, which has been hovering around its all-time high for months. But with us on the brink of a bull market, now seems like the perfect time to invest in top growth stocks, and that includes tech stocks.
With the continued rise of e-commerce, artificial intelligence (AI), payments, and more, these three tech stocks are the ones to watch among tech stocks in June 2024. So let's take a look at why.
Lightspeed stocks
First, Lightspeed Commerce (TSX:LSPD) could potentially deliver a repeat of the growth investors enjoyed in 2021. Lightspeed reported strong financial results for fiscal year 2023, driven by significant revenue growth from subscription and transaction-based revenue. For example, Lightspeed's fourth quarter (Q4) fiscal year 2023 revenue was $146.6 million, up 38% year over year. The company's market capitalization is $2.99 ​​billion at the time of writing.
Another factor supporting further growth is the focus on e-commerce. The global e-commerce market continues to expand, with businesses adopting digital sales channels. The shift to omnichannel retail, accelerated by the COVID-19 pandemic, is continuing to gain momentum, benefiting companies like Lightspeed stock.
Lightspeed's strategic acquisitions and growing customer base in the retail and hospitality sectors have strengthened the company's competitive position. High-profile clients such as Theory, Tom Ford, and Nordstrom attest to the company's market penetration and credibility. Now, with Dax DaSilva returning to the board of directors, Lightspeed stock is poised for further growth in the future.
Kinaxis stock
Another strong choice among technology stocks is Kinaxis (TSX:KXS). Kinaxis has demonstrated strong financial performance with consistent revenue and profit growth. In the first quarter of 2024, Kinaxis reported revenue of $86.4 million, a 24% increase over the prior year, with a corresponding improvement in net profit margins.
The global supply chain management market is growing rapidly, driven by the need for more resilient and efficient supply chains. Digital transformation across industries is driving demand for advanced supply chain solutions.
Kinaxis stock is based on the RapidResponse platform, which is highly regarded for its real-time supply chain planning and analytics capabilities. Its customer base includes major companies such as Ford, Toyota, and Unilever, demonstrating a strong reputation in the market. As AI stocks continue to rise, Kinaxis stock is sure to benefit.
Cartesian stock
Finally, we have Descartes Systems Group (TSX:DSG). DSG stock has been showing impressive revenue growth, with revenues up 23% year-over-year to $116 million in the first quarter of 2024. The company maintains high profit margins and has seen a strong increase in net income due to increased demand for its logistics and supply chain management solutions.
The logistics and supply chain management market is experiencing robust growth due to globalization and the increasing complexity of world trade, and Descartes is well positioned to capitalize on this trend with its comprehensive suite of logistics software solutions.
Additionally, DSG stock's extensive customer base and strategic acquisitions strengthen the company's market position. The company's solutions are essential for improving supply chain visibility, efficiency, and compliance, making it a trusted partner to businesses around the world. The stock combines the use of AI with the continued expansion of e-commerce. Overall, these tech stocks should continue to perform well in a recovering market beyond June.
