From Nasdaq:

Shopify’s stock may seem out of reach after doubling, but its valuation reflects high enthusiasm for its sales growth. Considering other growth options, Amazon and Okta offer potential for 2024, with promising industry advantages. Amazon experienced a 13% sales increase for the third quarter and a strong outlook for 2024. Okta, with a price below seven times sales, is expanding its sales at over 20% yearly.

Amazon’s stock is rising due to e-commerce sales growth and robust sales gains in cloud services. The tech giant’s cloud services segment accounts for over half of its business and is expected to grow over the coming decades. Amazon has also seen a bounce in revenue and profits, with higher profit margins likely in 2024. Amazon’s valuation is considerably lower than Shopify’s.

Okta, a digital identity and cybersecurity specialist, has a promising future, evidenced by its sales growth and projected profitability. With expectations for improved profit margins, Okta could offer an attractive investment opportunity. Although sales growth may slow, Okta’s cheaper valuation may lead to solid returns in the future.



Read more: Ignore Shopify: Here Are 2 Growth Stocks to Buy for 2024