3 Top Growth Stocks to Double Your Portfolio in the Next 24 Months


  • These are the top growth stocks to double by 2026. 
  • Netflix (NFLX): Their ad-plan membership has created an entire new and exciting revenue growth opportunity. 
  • Arista Networks (ANET): The top under-the-radar AI pure play stock. 
  • Shopify (SHOP): They anticipate to grow top line revenue by more than 20% YOY in 2024.
Top growth stocks to double - 3 Top Growth Stocks to Double Your Portfolio in the Next 24 Months

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Investors are always on the lookout for that magic bullet, that top growth stock to double their portfolio. While there is no guaranteed path to such returns, established growth stocks offer a compelling possibility for significant returns. 

However, all growth stocks are not the same. Some growth stocks are already established companies that are profitable. While others are still establishing their footing in the marketplace, often losing money and prioritizing rapid expansion over short-term profits. Investing in the right ones demands astute analysis and risk management to provide the best risk-to-reward scenario. But if done right, rest assured that investors can be off to the races.

Now, let’s unpack the top growth stocks to double your portfolio in the next 24 months!

Netflix (NFLX)

Netflix (NFLX) logo displayed on smartphone on top of pile of money.
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Netflix (NASDAQ:NFLX) remains a best-in-class growth stock to buy in 2024. The company experienced an incredible transformation in FY23, laying the foundation for long term upside.

The company has heavily invested in their new ad-plan membership, which is currently winning over their customer base. It is currently growing 70% quarter-over-quarter, creating an entirely new revenue growth opportunity. Moreover, the company continues to expand into international markets and original content.

While Netflix stock price has been on the rise since the start of 2024, there is certainly reason for it to continue. The company’s restructuring efforts fostered record FCF of $6.9 billion in 2023, and their pricing power has allowed them to stay nimble. They added 13.1 million global subscribers in Q4 2023, as compared to 7.7 million in 2022. With 13% revenue growth expected in Q1 FY24, Netflix is one of the top growth stocks to double.

Arista Networks (ANET)

Image of Arista Networks (ANET) logo on the side of a building
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Arista Networks (NYSE:ANET) might not be a familiar name for the less experienced investor. However, they are currently at the forefront of the AI boom and are set to outperform over the next 24 months. 

Arista Networks designs and manufactures high-performance computing (HPC) switches used in data centers — a market fueled by cloud computing, AI, and big data. Their infrastructure is critical to scaling and deploying generative AI models, which has taken off over the past year. Additionally, Arista’s EOS operating system is known for its speed, efficiency and scalability, making them a favorite among cloud providers and big tech companies.

Over the last 3 years, Arista’s profitability has skyrocketed, driven by increased demand for their products. In FY23, their annual net profit surpassed $2 billion for the first time. Furthermore, operating margins remained robust at 38.5%, as their Cloudvision platform continues to drive network flow optimization for data centers. Arista’s accelerating profitability is what makes them stand out as one of the top growth stocks to double over the next 24 months.

Shopify (SHOP)

Shopify on the phone display.
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Shopify (NYSE:SHOP), continues to be a leading force in the e-commerce revolution. The company saw major restructuring efforts in 2023, and investors remained optimistic on their ability to drive profitable growth.

Shopify is truly a once-in-a-generation kind of business, and has seen incredible revenue growth and product innovation over the last decade. However, one of their main weaknesses is their struggle to be consistently profitable. But that may change over the next 24 months, as restructuring efforts breathe new life into the business. 

In the 2023 fiscal year, Shopify’s revenue increased 26% YOY to $7.1 billion. GMV increased 20% to $235.9 billion, and FCF swung from negative $186 million to $905 million. Cost-cutting measures have been working and management remains confident in increasing shareholder value. The long-term growth tailwinds of the e-commerce market present a compelling opportunity for growth investors looking to double their portfolio.

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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/04/3-top-growth-stocks-to-double-your-portfolio-in-the-next-24-months/.

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