Look no further than a market downturn when searching for the best buying opportunities. Investors looking at a historical chart of the S&P500 and pinpointing the best buying opportunities, it’s almost guaranteed that most of the best buying opportunities come during a bad market downturn or a recession. Thus, historically-speaking, now is an excellent opportunity to go shopping for oversold stocks as the downturn continues to deepen.

Recently-released inflation data was far from satisfactory, which likely means another oversized rate hike from the Federal Reserve. Of course, there is definitely some risk involved in buying stocks right now. That’s because stocks could have a lot of room to fall to the downside still. However, if you have a long-term outlook, this short-term turbulence should not scare you from taking advantage of deeply undervalued stocks.

For instance, I believe most technology stocks present a great buying opportunity. That’s because this downturn has hit this sector particularly hard. Tech stocks are highly risky during economic contractions, but they are equally rewarding when the economy expands. Therefore, I believe most of the following seven best buying opportunities right now are tech stocks.

Netflix (NFLX)

This year has been a disaster for Netflix (NASDAQ:NFLX), after its previous weak earnings report sent the stock tumbling. The stock is currently down nearly 64% from its peak in 2021, and it could go down more as the platform’s user base declines to more sustainable levels.

Netflix gained millions of subscribers during the coronavirus pandemic, and from the popular hits such as Squid Game. Therefore, I believe the recent decline in subscribers is not unnatural, and could be expected, as the company’s subscriber count reverts to more normal levels.

Notably, Netflix has managed to hold onto its revenue despite declining subscribers. The company’s revenue growth has certainly slowed down, but it continues to grow despite broader economic headwinds. The company is still profitable and is a strongly recognized brand.

Unfortunately, the only sluggish metric is the company’s stock price. NFLX stock is now valued at the same price it traded at in early-2018. Back then, the company had 50% lower levels of both subscribers and revenue. Therefore, I believe Netflix stock presents one of the best buying opportunities right now.

Meta Platforms (META)

Facebook’s transition to Meta Platforms (NASDAQ:META) has cost the platform dearly, as the failure of the metaverse to meet expectations has been seen across a number of key markets, including crypto. Virtual worlds ascribed to the metaverse typically incorporate digital currencies for transactions, and non-fungible tokens (or NFTs) for purchase. People are understandably no longer interested in such virtual worlds, particularly as these asset classes decline in value.

However, contrarian investors will still find META stock to be of great value. The selloff that began earlier this year due to Meta Platforms’ bad earnings report dragged it down 65% from its peak to levels last seen in late 2016. That is undoubtedly oversold territory, particularly when one considers the company’s great fundamentals and profitability.

Facebook remains Meta Platforms’ cash cow and continues to rake in profits. Despite the recent decline in META stock, this company currently has a price-earnings ratio of just above 11-times. I believe that is a bargain for a tech company that owns one of the largest social media platforms.

Of course, there are still concerns about Facebook’s declining monthly active user count. However, as I’ve said with Netflix, the platform could be cooling down from the significant boost it got from the pandemic. Facebook is still in strong shape when compared to pre-pandemic user base and profitability metrics. The stock price is not.

PayPal Holdings (PYPL)

PayPal Holdings (NASDAQ:PYPL) has also been hit hard this year by the tech selloff. However, I believe PayPal will likely benefit from the burgeoning gig economy in the long run, as it is one of the most used platforms for domestic and international payments.

Although PayPal’s net income turned negative in Q2 of this year, the company is likely to bounce back due to its consistent revenue growth. Still, I believe there is some short-term risk for PYPL stock as PayPal’s total active user numbers have flat-lined to 429 million in the last two quarters. Like with Facebook and Netflix, the company’s user count could continue to decline and prompt a further selloff for the stock.

Nonetheless, I think the downside risk with this company is relatively low, considering PayPal’s long-term potential. This tech stock is still on solid footing and is a bargain in my book.

Zoom Video (ZM)

Zoom Video (NASDAQ:ZM) boomed during the pandemic and gained nearly 800% in less than a year. However, as people returned to their offices and schools with the introduction of vaccines, the stock shed all its gains in the following years. ZM stock is now worth almost 25% less than in the summer of 2019.

Nonetheless, even though the pandemic is no longer severe, universities and companies still widely use the platform. Remote work is continuing to grow in popularity. Thus, Zoom is uniquely positioned to gain from this secular growth trend, as the platform has around 50% of the video conferencing market share.

In addition, Zoom has maintained its revenue and provides positive net income, at the time of writing. Thus, I believe ZM stock is one of the best buying opportunities in the market right now, due to the rise in the popularity of remote work.

Fiverr International (FVRR)

Fiverr (NYSE:FVRR) is an online marketplace platform for freelancers. I believe Fiverr is one of the best stocks to buy now as more businesses are shifting their workforce to include more gig workers. The expanding gig economy will benefit the company in the long-term. This is evidenced by the company’s annual double digit growth rate over the past decade.

Moreover, FVRR stock is down by more than 91% since its peak in February 2021. I believe these are bargain levels considering the gig economy’s long-term prospects. Even though there is substantial risk in the short term due to the current economic climate, I believe the future for Fiverr is bright.

Thus, I’m listing FVRR stock as one of the best buying opportunities right now, as it presents investors with a unique opportunity to benefit from quickly-changing work culture.

Wix.com (WIX)

Like all the other stocks in this article, Wix.com (NASDAQ:WIX) has also been devastated this year due to the tech selloff. WIX stock is down almost 80% from its peak, which I believe presents investors with a great investment opportunity.

The unique thing about Wix.com is that it makes building websites much more straightforward than other open-source counterparts. Wix.com lets its users build their own websites with its cloud-based web development services. Of course, web development professionals are unlikely to use Wix. But with the rise of entrepreneurship, more and more people will need websites in the future.

Right now, things are not so rosy for Wix, with quarterly losses at $111 million. However, if management steers things in the right direction, WIX stock could grow profitably in the coming years. Admittedly, the risk here is substantial, and I would recommend some of the other stocks on this list more.

Spotify (SPOT)

Spotify (NYSE:SPOT) continues to lead the audio streaming industry with more than 433 million monthly active users on its platform. Unlike most other companies that provide media services, Spotify’s active user count continues to grow steadily, even when factoring in last year’s boom tied to the pandemic. Moreover, with podcasts gaining more popularity, Spotify has much more room to grow in future years.

The company’s revenue growth rate has slowed down. A big driver of this is currency conversion, given this company is based in Sweden. Accordingly, until the U.S. dollar and Euro exchange rates improve, this is a company that could struggle in the near=term.

That said, Spotify’s results have been solid. The company’s quarterly losses are not significant and should improve as the platform adds more paying users and additional revenue sources. Therefore, I find Spotify deeply undervalued at $86 per share, compared to its future growth prospects.

On the date of publication, Omor Ibne Ehsan 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.