3 Growth Stocks to Buy and Hold Forever

Looking for growth stocks to add to your portfolio? Here are three top picks!

Investing in growth stocks can be very lucrative. Take a look at some of the best-performing stocks over the past decade, and it becomes obvious how much money can be made in these stocks. However, choosing the right growth stocks to buy for your portfolio can be tough. Assessing growth stocks is much more difficult than assessing blue-chip companies, because there are so many more questions surrounding growth stocks. In this article, I’ll discuss three growth stocks investors should buy and hold forever.

This company has a chance to become a big winner

Not every company has a history of being a massive stock market winner. Those that do aren’t very eager to share their secrets with the rest of the world either. That’s what makes Topicus.com (TSXV:TOI) such an interesting company. It’s only experienced modest success since its February IPO, but the company has a clear path to success. That’s due in large part to its partnership with Constellation Software.

Prior to its IPO, Topicus was a subsidiary of Constellation Software. Despite operating as its own entity these days, Topicus is still very much entrenched in the Constellation Software network. Six members of Topicus’s board of directors are executives from Constellation Software. This includes Constellation’s founder and president, Mark Leonard. If Topicus can lean on this wealth of knowledge and follow Constellation Software’s winning playbook, it could become a massive winner over the next decade.

An increasingly digital world will drive this stock forward

Over the past decade, the world has increasingly depended on technology to operate at the highest levels. Over the past year, this dependence on technology was accelerated greatly due to the COVID-19 pandemic. Because of that, it shouldn’t come as a surprise that Docebo (TSX:DCBO)(NASDAQ:DCBO) received a lot of attention last year. Docebo provides enterprises with a cloud-based and AI-powered eLearning platform.

In a world where businesses are increasingly moving towards remote operations, Docebo is poised to succeed. At the start of this year, Docebo stock fell about 40%. However, investors that held onto their shares saw a rally of more than 100% through the year. Like many other growth stocks, Docebo stock has fallen quite heavily since mid-September. However, the company continues to grow and execute at a high level. I believe this stock will be successful over the next decade.

My favourite growth stock

When it comes to growth stocks, there are few that I believe are as attractive as Shopify (TSX:SHOP)(NYSE:SHOP). I believe the e-commerce industry is poised to grow at breakneck speeds over the next decade and Shopify will continue to lead the way. In Q2 2021, Shopify surpassed Amazon for the first time in monthly customer visits. Over that period, 1.16 billion monthly unique users visited Shopify stores compared to 1.10 billion monthly users on Amazon.

Shopify also continues to impress in terms of sales. Over the 2020 Black Friday-Cyber Monday weekend, Shopify recorded a tremendous US5.1 billion in sales. That represented a 75% increase year over year. Many investors thought the company wouldn’t be able to follow up that performance with another strong performance this year, as shoppers returned to physical shopping locations. However, Shopify merchants reportedly generated US6.3 billion in sales, representing a 23% increase year over year.

Shopify is a top stock with a winning pedigree. Don’t think its best days are behind it just yet.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Jed Lloren owns shares of Docebo Inc., Shopify, and Topicus.Com Inc. The Motley Fool owns shares of and recommends Shopify and Topicus.Com Inc. The Motley Fool recommends Amazon, Constellation Software, and Docebo Inc.

More on Tech Stocks

Canada national flag waving in wind on clear day
Tech Stocks

Trump Trade: Canadian Stocks to Watch

With Trump returning to the presidency, there are some sectors that could boom in Canada, and others to watch. But…

Read more »

ways to boost income
Tech Stocks

2 Stocks to Help Turn $100,000 Into $1 Million

Do you want to turn $100,000 into $1 million quickly? Look for small- or mid-cap stocks that are scaling as…

Read more »

Man data analyze
Tech Stocks

3 Reasons Celestica Stock Is a Screaming Buy Now

These three reasons make Celestica stock a screaming buy for long-term investors.

Read more »

profit rises over time
Dividend Stocks

These 2 Dow Stocks Are Set to Soar in 2025 and Beyond

Two Dow Jones stocks are screaming buys but Canadians must hold them in an RRSP or RRIF to avoid paying…

Read more »

telehealth stocks
Tech Stocks

Well Health Stock: Buy, Sell, or Hold?

Another record-breaking quarter and strong demand sets the stage for continued momentum for Well Health stock.

Read more »

3 colorful arrows racing straight up on a black background.
Dividend Stocks

TSX Stocks Soaring Higher With No Signs of Slowing

Three TSX stocks continue to beat the market and could soar higher in an improving investment landscape.

Read more »

profit rises over time
Tech Stocks

2 Non-AI Tech Stocks to Buy in November for Better Returns

Not all AI stocks are riding the hype train, and for many investors, well-understood and predictable growth stocks might be…

Read more »

worry concern
Tech Stocks

In a Few Years, You’ll Probably Regret Not Owning BlackBerry Stock

Here’s why I believe BlackBerry could be one of the most overlooked Canadian tech stocks right now.

Read more »