3 No-Brainer Growth Stocks to Buy for Surefire Success

Stocks to buy

Finding the best no-brainer growth stocks to buy with a high probability of success demands careful analysis and consideration. However, certain opportunities emerge as no-brainers, displaying the utmost potential for surefire success. 

These companies are often market leaders, spearheading growth in their respective industries. Undoubtedly, artificial intelligence will continue to be a recurring talking point on Wall Street in 2024. The growth stocks mentioned below stand as compelling choices for astute investors looking to bolster their portfolios for long term growth. 

Now, let’s discover the three best forever tech stocks to buy in January 2024!

UiPath (PATH)

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UiPath (NYSE:PATH) has not yet been recognized by the masses, making it a great time to explore its growth potential in 2024. The company is a market leader in process automation (RPA) software, projecting nearly 20% revenue growth in the 2024 fiscal year. 

Process automation is becoming increasingly prevalent in medium to large enterprises. It allows businesses to automate workflows and complete mundane and repetitive tasks using robots. Artificial intelligence has become the driving force for RPA, making it easier to manage big data sets, improve compliance and create more efficient business operations. 

In their latest quarterly results, UiPath’s revenue grew 24% YOY to $326 million. GAAP gross margins remained robust at 85%, with a dollar-based net retention rate of 121%. CEO Daniel Dines remains bullish on the company’s AI capabilities and how it will translate to customer productivity gains. While UiPath remains unprofitable, it certainly shows early signs of a multibagger in the making.

Shopify (SHOP)

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Shopify (NYSE:SHOP) is set to report its Q4 2023 and full-year earnings results on February 12. Many investors are on the fence, questioning if growth will continue after the stock more than doubled in 2023.  

The technology sector battled inflation and higher interest rates over the last two years. This heavily impacted business operations, denting Shopify’s bottom line in the 2022 fiscal year. However, Shopify implemented significant cost-cutting measures in 2023. They cut 20% of their workforce in May 2023 and sold off their logistics business to Flexport. These bold actions have strengthened Shopify’s liquidity, and the outlook for 2024 looks very promising. 

The company is guiding 20% top line growth in FY24, and positive FCF growth will reignite Wall Street’s excitement. In Q3 2023, Shopify’s FCF was $276 million, compared to a negative FCF of $148 million. It would not be surprising to see Shopify’s TTM FCF swell to over $1 billion in FY24. Profitability has been a major concern in recent years, but with cost-cutting measures materializing, that could be a thing of the past. 

Check Point Software (CHKP)

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Check Point Software (NASDAQ:CHKP) is an American-Israeli cybersecurity company headquartered in San Carlos, California. They’re undoubtedly one of the top no-brainer growth stocks to keep on your radar for 2024.

Over the last year, Check Point has benefitted from the tailwinds in the AI-powered cloud security race. The company has been a market leader in native cloud solutions for three decades, and growth is likely to accelerate in FY24. Gartner states global security and risk management spending will grow 14% in 2024. Spending on data privacy and cloud security is projected to see its highest growth rates this year. The growth prospects of generative AI will largely drive this. 

Check Point is certainly not shying away and is well positioned to accelerate growth over the next few years. Their AI-powered cloud security platform, XD Horizon XDR/HRP, is one of the most comprehensive platforms in the industry. Furthermore, the company’s subscription revenue saw strong double digit growth in Q3 2023. As cybersecurity spending skyrockets in 2024, this under-the-radar stock is set for surefire success. 

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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