Instead of following the traditional “Sell in May and go away” approach, I prefer to invest in stocks for the long haul. So, this month, I am looking to add shares of three top-notch companies to my portfolio at lower prices. These stocks are Shopify (NYSE: SHOP), Roblox (NYSE: RBLX), and Amazon (NASDAQ: AMZN).
Shopify, a Canadian e-commerce company, had a rough 2022 with a 75% market value decline. However, it has taken several steps to streamline operations and improve its business. This included cutting down the workforce by 20% and selling off recently acquired companies in logistics and robotics.
Despite a transformational period for the company, its revenue for the quarter surpassed $1.5 billion, a YoY increase of 25%. Shopify is forecasted to achieve an 18% growth rate in 2024. I plan to hold Shopify shares for the long term.
Roblox, an online gaming platform, has been a hot choice, growing 40% year-to-date. Its popularity continued after a surge in users due to the pandemic. In the most recent quarter ending March 31, 2023, daily active users (DAUs) and total hours engaged increased by more than 20% YoY. Analysts are predicting an 18% sales increase in 2023 and 16% in 2024. Hence, I plan to add to my position in Roblox.
Amazon had a difficult 2022, but it’s showing signs of improvement this year. The company made some hard choices, such as cutting 27,000 jobs and limiting expenditures. Consequently, its net income for the most recent quarter reached $3.2 billion, following a reduction in expenses. I plan to hold on to my Amazon shares for the long term and add to them as opportunities arise.
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*Stock Advisor returns as of May 22, 2023
Disclosure: The author has holdings in Amazon.com and Roblox. The Motley Fool has positions in and recommends Amazon.com, Roblox, and Shopify.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.