Recently however, growth stocks have begun to make a comeback. This month, for example, the S&P 500 growth index is up about 4%. By contrast, the S&P 500 value index is down about 2%.

I wouldn’t be surprised to see this trend continue in the second half of 2021 as investors refocus on secular growth trends. With that in mind, here’s a look at two top growth stocks I’d buy today.

A top growth stock for 2021 and beyond

One of my top picks in the growth space is Upwork (NASDAQ: UPWK). It operates the world’s largest freelance employment platform. This matches highly-skilled workers, such as software developers, lawyers, graphic designers, and copywriters, with businesses that have projects that need to be completed. Last year, Upwork generated revenue of $374m, up 24% year-on-year.

Looking ahead, I believe Upwork has significant growth potential. In the short term, the company should benefit as the global economy picks up speed and businesses hire staff to expand. I think many of those businesses will turn to the freelance market for flexibility. Meanwhile, in the long run, the company should benefit as the freelance market grows. Experts believe that between now and 2025, the global freelance platform market will see growth of around 16% per year.

There are risks to the investment case, of course. One to consider here is the threat of competition. Upwork faces competition from a number of companies including the likes of Fiverr, Toptal, and PeoplePerHour. Another risk is the stock’s quite volatile.

I’m comfortable with these risks however. I think this growth stock has an attractive risk/reward profile. I’ve made UPWK a substantial holding in my own portfolio and I plan to hold the stock for the long term.

A top cybersecurity stock

Another growth stock I’d snap up today is Okta (NASDAQ: OKTA). It provides identity management solutions to businesses. It has a blue-chip customer base that includes the likes of WPP, Renault, FedEx, and Pret. Last year, the company generated revenue of $835m, up 42% year-on-year.

Okta lies at the intersection of two massive growth industries – cloud computing and cybersecurity. Across the world, companies are rapidly moving to the cloud in an effort to enhance their agility and reduce costs.

At the same time, they’re focusing heavily on cybersecurity. They need to ensure that those using their platforms are who they say they are. This is where Okta comes in. Its solutions enable businesses to securely connect their employees with their cloud-based platforms.

While I believe Okta has attractive long-term growth prospects, there are some risks to be aware of. One is in relation to the company’s valuation. At present, Okta has a market-cap of $36.6bn and a forward-looking price-to-sales ratio of 30. That’s high. If future growth is disappointing, this stock could take a significant hit. The recent $6.5bn acquisition of Auth0 also adds risk.

Overall however, I think Okta has a considerable long-term appeal. I think this stock is a good way to play the cybersecurity growth story.

I’d buy Apple stock today

One tech stock I’d snap up after the recent pullback is Apple (NASDAQ: AAPL). Back in late January, its share price was near $145. Today however, the stock can be bought for around $120.

I’m bullish on Apple for a number of reasons. Firstly, it’s a world-class business. Not only does it have one of the most powerful global brands, but it also has a very high customer retention rate due to the ecosystem it’s built. A survey last year found that 84% of iPhone owners plan to purchase another Apple handset when they replace their current phone.

Secondly, Apple still has plenty of room for growth. The company has ambitions to be a big player in both healthcare and autonomous driving.

There are risks to consider, of course. Competition from rivals such as Samsung and regulatory action against big tech firms are two that come to mind.

Overall, however, the long-term risk/reward proposition here is attractive, in my view. I see the stock’s forward-looking price-to-earnings ratio (P/E) of 26 as quite reasonable.

Work-from-home stock

Another tech stock I like the look of after the recent correction is Okta (NASDAQ: OKTA). It’s a leading provider of identity management solutions. It has a distinguished list of clients that includes the likes of FedEx, WPP, and Made.com. Okta’s share price was near $300 in February. Today, it’s near $225.

Okta is growing at a rapid rate right now, driven by the need for organisations to protect themselves from cyber criminals. Its recent Q4 results, for example, showed revenue growth of 40%. Clearly, the company has momentum at present.

However, this is a higher-risk stock. That’s because the company is only generating small profits right now. For the fiscal year just passed, Non-GAAP diluted net income per share was just $0.11. The company’s recently-announced acquisition of customer and employee identity platform provider Auth0 for $6.5bn also adds risk.

I think the stock has significant long-term growth potential however. In today’s digital/work-from-home world, businesses can’t afford to ignore identity management.

Enormous growth potential

Finally, I’d also buy shares in Fiverr International (NASDAQ: FIVERR). This is a fast-growing company that operates an online freelance employment platform. Its share price was up near $335 in mid-February. However, since then, it’s fallen to around $230.

The reason I’m bullish here is that I expect the freelance market to grow significantly over the next decade. Freelancing is a win-win for both workers and businesses. For the former, it offers flexibility and the potential to earn great money. For the latter, it opens up a whole new world of hiring possibilities and helps to save costs.

Fiverr has generated very strong growth in recent years. In 2020, revenue came in at $189.5m, up 77% year-on-year. I think this is just the beginning of the growth story however.

Now, Fiverr is a small-cap stock (by US standards) with a market-cap of just $8bn and very small profits. This means it’s likely to be highly volatile. This type of stock isn’t suitable for those who are risk averse.

I’m comfortable with the risks however. I think this tech stock has enormous long-term growth potential.

At the moment, most UK stockbrokers don’t offer the ARK Invest ETFs unfortunately. This means it’s generally not possible for UK investors to invest directly in these funds. That said, it is possible to invest in most of the publicly-listed stocks held within the ARK ETFs. With that in mind, here’s a look at three ARK stocks I’d buy for my ISA today.

A tech powerhouse

One ARK stock I’m very bullish on is tech giant Alphabet (NASDAQ: GOOG), the owner of Google and YouTube. It’s currently the sixth largest holding in the ARK Autonomous Technology & Robotics ETF.

There are a few reasons I’m bullish on Alphabet. Firstly, it’s one of the biggest players in the digital advertising space. The online advertising market was valued at around $304bn in 2019 and is expected to reach $980bn by 2025. This means there’s significant growth potential here.

Secondly, the company has plenty of growth potential in other exciting areas such as streaming, cloud, and autonomous vehicles.

Another thing I like about Alphabet is that its valuation isn’t excessive. Its forward-looking P/E ratio is only about 28. At that valuation, I think the stock offers a fantastic risk/reward proposition. I’ve made it one of my largest holdings.

An online shopping champion

The next ARK stock I like is Shopify (NYSE: SHOP). It’s held in a few different ARK ETFs. Shopify is a leading player in the e-commerce space. Globally, more than one million merchants rely on its platform to sell their goods online. E-commerce is one of the growth themes I’m most excited about in 2021 and I see SHOP as a great way to gain exposure to the theme.

Shopify’s revenues are booming at the moment. For 2020, revenue is expected to come in at around $2.85bn, up from $1.07bn in 2018. Analysts currently expect revenue of $3.75bn and $5.09bn for FY2021 and FY2022 respectively.

Shopify shares aren’t cheap. The company’s market cap is over $100bn now and its forward-looking P/E ratio is over 300. This adds risk to the investment case. However, I believe the long-term growth story here is very attractive.

An under-the-radar ARK stock

Finally, the third ARK stock I’d buy right now is Okta (NASDAQ: OKTA). It’s held in the ARK Next Generation Internet ETF.

Okta is an under-the-radar company that provides identity management solutions. Its cloud-based solutions help companies secure their most critical resources while enabling employees to work remotely. Currently, Okta has nearly 10,000 customers including the likes of Zurich, Renault, and The Motley Fool!

Okta’s revenues have surged in recent years as businesses have rushed to protect themselves from cybercrime. Last year, sales came in at $586m, up from $257m two years earlier. Looking ahead, analysts expect sales of $823m for the year ending January 2021 and $1.07bn for the year after. 

This stock isn’t cheap. It trades on a price-to-sales ratio of about 30, which adds risk to the investment case. However, cybersecurity is a massive theme that has enormous growth potential going forward. So, I think this ARK stock is worth the risk.