We Fools are firm believers that the best way to generate wealth is to buy great growth stocks and hold them for long periods of time. To help you identify a few great businesses, we asked a team of Fools to highlight their top growth stock at the moment. Read to see why they picked Illumina (NASDAQ:ILMN), Paycom Software (NYSE:PAYC), NVIDIA (NASDAQ:NVDA) Nike (NYSE:NKE), and Universal Display (NASDAQ:OLED) .

Person drawing an upward-sloping graph of dollar signs on a chalkboard.

Image source: Getty Images.

Profit from personalized medicine

Todd Campbell (Illumina): A tremendous amount of research is under way to develop medicine that targets specific genetic mutations, and finding and exploiting genetic quirks will depend significantly on lessons learned because of gene sequencing.

Soon, Illumina will launch two next-generation gene sequencing systems that could significantly transform genetic research. The NovaSeq 5000 and 6000 allow researchers to use ultra-deep sequencing to gain a greater understanding of the relationship between genetics and disease. Importantly, these machines offer this insight faster, and cheaper, than in the past.

Management believes these systems can eventually drive the cost of gene sequencing down to as little as $100 from $1,000 or more today.

If so, the NovaSeq series could unleash a wave of research that has been avoided heretofore because of its complexity and cost. Historically, advances in gene sequencing that have lowered its cost have resulted in massive sales and profit growth for Illumina, and I think that could happen this time too. If so, then this company's growth, and its share price, could be about to spike higher, and that could make it smart to buy shares now.

Pricey, but worth it

Brian Feroldi (Paycom Software): I've become a firm believer that all fast-growing companies that generate recurring revenue are worthy of a closer look. Thus, when I first came across Paycom Software I had to do a double-take because this business offers up so many of the characteristics that I find attractive. It's founder-led, profitable, and growing quickly, and it sports a clean balance sheet. If all of that wasn't attractive enough, 98% of the company's revenue is recurring. Those attributes have certainly attracted my attention. 

So how does Paycom Software make money? As you might have guessed, Paycom is a provider of payroll processing software, but that doesn't tell the whole story. What makes Paycom's software special is that it allows HR teams to perform a number of vital functions from a single platform. Paycom's users can conduct background checks on potential hires, set up training modules, schedule hours, track performance reviews, remain compliant with the Affordable Care Act, and more. All of these functions can be accessed though the company's cloud-based software, which makes it easy for HR departments at small businesses to manage their workload.

cable plugging into a cloud

Image source: Getty Images.

Paycom's solution is clearly resonating with customers, as the company boasts a stellar retention rate of 91%. What's more, the company continues to attract new customers to its platform in droves, which is allowing revenue and profit to soar. 

The market has caught on to Paycom's story and has since awarded it a premium valuation. Even so, I think this business is so high-quality that investors can still win by buying shares today.

The year of the OLED iPhone

Evan Niu, CFA (Universal Display): Universal Display's stock has put investors on a roller-coaster ride, but shares have finally started to march back toward fresh all-time highs. Longtime UDC watchers have been waiting patiently for broader adoption of OLED displays to gain traction in numerous markets. While OLED displays are found in many high-end flagship smartphones these days, there's still one notable absence: Apple (NASDAQ: AAPL). This is a storyline that's dragged on for what feels like half a decade, and investors appear to finally be on the cusp of an OLED iPhone becoming a reality.

Getting Apple's stamp of approval would both translate into a significant uplift in UDC's material sales as well as new licensing deals. Furthermore, it would be an important validation for the technology, as Apple has long been critical of OLED displays. But the Mac maker has seemingly addressed those weaknesses in the years since. Evidence continues to mount that Apple's transition to OLED may finally happen to some extent this year. Foxconn recently acquired Sharp, and there are numerous reports that Apple and Foxconn/Sharp are preparing to invest heavily in OLED production capacity, while Apple has also reportedly inked a supply deal with Samsung, which is already one of the most prominent advocates of OLED -- as well as the largest current manufacturers.

Heading into 2017, there are many potential catalysts that will likely boost investor confidence, and we could see Apple unveil its first OLED iPhone by year's end. Even if Apple only incorporates OLED into one of several models, it would just be the beginning. After years of waiting, investors' patience may finally pay off this year.

This winner will keep on winning

Steve Symington (NVIDIA): Shares of NVIDIA Corporation have nearly quadrupled over the past year as of this writing, helped by its stunningly better-than-expected fiscal third-quarter report in November. But I think the fast-growing graphics chip specialist is only just getting started.

Revenue in NVIDIA's most recent quarter climbed 54% year over year, to $2 billion, while adjusted earnings per share more than doubled, to $0.94. Both figures crushed expectations, which had called for revenue and earnings of $1.69 billion and $0.69 per share, respectively. And the reasons behind that beat are most compelling; NVIDIA enjoyed broad-based revenue growth across not only its core gaming segment (up 63%, to $1.2 billion), but also in data centers (up 193%, to $240 million), automotive (up 61%, to $127 million), and professional visualization (up a modest 9%, to $207 million). 

It was hardly surprising, then, that even after its initial post-earnings pop, NVIDIA stock continued to climb in December as analysts voiced optimism for its momentum to continue. Goldman Sachs, for example, added NVIDIA to its "conviction buy list," citing its belief the company should be able to continue outgrowing its peers given positive secular trends in gaming, virtual reality, AI/machine learning, and its central position in the burgeoning automotive chip market.

In the end, I remain convinced NVIDIA is a winner that will keep on winning, and the stock is poised to continue delivering market-beating returns going forward.

Step up to this growth stock 

Sean Williams (Nike): Following a roughly 20% tumble since late 2015, global footwear and apparel giant Nike would be my suggestion for where growth investors ought to turn their attention.

Nike has been hit by a confluence of factors in recent quarters. Domestically, the U.S. has trudged through a weak retail environment, while China's GDP growth has slowed. Nike is counting on its expansion in China to be a major growth driver in the years that lie ahead, and thus a slowdown in growth for China has some investors concerned. However, both concerns could be misplaced since they ignore the loyalty of consumers to the Nike brand.

According to a survey released this past summer by MBLM, Nike was the top dog in terms of inciting brand intimacy with consumers. Brand loyalty is very difficult to measure, but it's also invaluable since it has the potential to create high-margin repeat customers for life. Nike's brand visibility and loyalty can also help in its bid to expand into faster-growing emerging markets and China.

But Nike is about more than just brand loyalty. It's the way Nike is courting its potential audience that's really exciting. Nike is investing a lot of money in its direct-to-consumer platform in an effort to improve the shopping experience for consumers, as well as reach Generation Z and millennials, which are its future and core customers.

On top of relying on e-commerce, Nike is betting big on the future of women's apparel and accessories. Nike's plan to get to $50 billion in revenue by 2020 relies on a doubling in women's apparel revenue from $5.5 billion to $11 billion. Aside from targeted marketing toward women, Nike hopes its innovation and partnerships in digital wearable technologies will strike a chord with the female consumer.

Considering Nike has double-digit annual EPS growth potential through 2020, its recent share price decline looks like the perfect opportunity to gobble up this growth stock.

Brian Feroldi owns shares of Apple, Nike, Paycom Software, and Universal Display. Dan Caplinger owns shares of Apple. Sean Williams has no position in any stocks mentioned. Steve Symington owns shares of Apple, Nvidia, and Universal Display. Todd Campbell owns shares of Apple. The Motley Fool owns shares of and recommends Apple, Illumina, Nike, Nvidia, and Paycom Software. The Motley Fool has the following options: long January 2018 $90 calls on Apple and short January 2018 $95 calls on Apple. The Motley Fool recommends Universal Display. The Motley Fool has a disclosure policy.