Spotlight on High Growth Canadian Tech Stocks October 2024

In This Article:

Over the last 7 days, the Canadian market has risen by 1.3%, and over the past year, it has climbed an impressive 23%, with earnings forecasted to grow by 15% annually. In this thriving environment, identifying high growth tech stocks involves looking for companies that demonstrate strong innovation and scalability potential to capitalize on these favorable conditions.

Top 10 High Growth Tech Companies In Canada

Name

Revenue Growth

Earnings Growth

Growth Rating

Docebo

14.54%

34.05%

★★★★★☆

HIVE Digital Technologies

49.31%

94.00%

★★★★★☆

Constellation Software

16.17%

23.55%

★★★★★☆

GameSquare Holdings

38.08%

86.64%

★★★★★☆

Medicenna Therapeutics

62.37%

57.20%

★★★★★☆

Sabio Holdings

12.97%

122.50%

★★★★☆☆

Blackline Safety

22.29%

121.23%

★★★★★☆

BlackBerry

24.17%

79.50%

★★★★★☆

Alpha Cognition

62.98%

69.54%

★★★★★☆

Sernova

76.56%

74.04%

★★★★★☆

Click here to see the full list of 22 stocks from our TSX High Growth Tech and AI Stocks screener.

Underneath we present a selection of stocks filtered out by our screen.

Constellation Software

Simply Wall St Growth Rating: ★★★★★☆

Overview: Constellation Software Inc., along with its subsidiaries, focuses on acquiring, building, and managing vertical market software businesses across Canada, the United States, Europe, and internationally with a market cap of CA$93.59 billion.

Operations: The company generates revenue primarily from its software and programming segment, amounting to $9.27 billion. Its business model centers on the acquisition, development, and management of vertical market software businesses globally.

Constellation Software, a standout in the Canadian tech landscape, is demonstrating robust growth with earnings projected to surge by 23.6% annually, outpacing the local market's 14.7%. This growth is underpinned by a significant revenue increase of 16.2% per year, which also exceeds the broader Canadian market average of 7%. The company's commitment to innovation is evident from its R&D spending trends; however, specific figures were not disclosed in the provided data. Recent financial results reflect this positive trajectory: for Q2 2024 alone, revenue soared to USD 2.468 billion from USD 2.039 billion year-over-year, with net income rising sharply to USD 177 million from USD 103 million. Despite these strong indicators, Constellation Software faces challenges such as high debt levels and substantial insider selling over the past quarter that could signal caution among investors about its future prospects. Nonetheless, with earnings growing at an impressive rate and recent affirmations of quarterly dividends suggesting confidence in ongoing profitability, Constellation remains a critical player in shaping technological advancements within Canada’s software sector.