3 discounted tech stocks to buy now

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the S&P/TSX Capped Information Technology Index fell slightly in the April 7 trading session. The Canadian market has a small technological space compared to major indices in the United States. That doesn’t mean you should ignore some of the top tech stocks on the TSX. Today I want to watch three of my favorites to snag in early April.

Here’s Why I’m Targeting This Shorted Early April Tech Stock

Nuvei (TSX:NVEI)(NASDAQ:NVEI) is the first tech stock I would look to acquire in the first weeks of the spring season. This Montreal-based company is engaged in global payments technology. Cashless transactions have steadily increased since the turn of the 21st century. Nuvei is well positioned to benefit from this ongoing transformation. Shares of this tech stock are up 6.5% in 2022 as of the April 7 close.

Back in January, I discussed the recent Nuvei crisis. In December 2021, Spruce Point Management alleged that Nuvei was heavily overvalued and overstated its growth trajectory. It managed to allay some of those worries with the release of its fourth quarter and full year 2021 results. Total volume jumped 121% to $95.6 billion in 2021. Meanwhile, the Adjusted EBITDA soared 95% to $317 million.

Shares of this tech stock are trading in attractive value territory relative to its industry peers. I’m still looking at Nuvei this spring.

Canadians should still turn to Shopify in 2022

Forget Canada, Shopify (TSX:SHOP)(NYSE:SHOP) has been one of North America’s most explosive tech stocks since its debut in 2015. Few sectors have seen the growth we’ve seen in e-commerce over the past of recent years. This growth was accelerated by the COVID-19 pandemic, as physical retailers suffered greatly. Shopify shares fell 47% in 2022 as of the April 7 close.

Shopify unveiled its latest batch of 2022 results on February 16. For the full year, Shopify saw revenue growth of 57% to $4.61 billion. Meanwhile, adjusted gross profit rose 60% year over year to $2.50 billion. Better still, adjusted net income was reported at $814 million, or $6.41 per diluted share, compared to $491 million, or $3.98 per diluted share a year earlier. The company hit several milestones in 2021, including introducing TikTok Shopping to merchants.

This tech stock currently has a very strong price-to-earnings ratio of 28. It also has a fantastic balance sheet as it pursues very strong revenue and earnings growth. Canadians should seek to hide this juggernaut in the e-commerce space.

One more tech stock I would buy today

absolute software (TSX:ABST)(NASDAQ:ABST) is the third and final tech stock I would be looking to acquire in the first half of April. This Vancouver-based company develops, markets and delivers a cloud-based endpoint control and visibility platform in the private and public sphere. Shares of this tech stock are down 9.7% in 2022. They are down 42% year-over-year.

Investors should look to profit from the decline of this leading cybersecurity organization. In the second quarter of fiscal 2022, Absolute reported revenue growth of 64% to $49.0 million. Meanwhile, adjusted net income rose to $13.8 million from $8.0 million in the second quarter of fiscal 2021. This tech stock is trading in favorable value territory relative to its peers.

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