April wasn't a great month for the S&P 500 as the index fell by 9%, bringing its year-to-date returns down even farther to a negative 13%. And that's still modest compared to other stocks that have taken a beating in 2022 as investors have shifted away from growth stocks and into more conservative holdings.

A couple of stocks that have suffered even more serious declines include Align Technology (ALGN 0.55%) and Shopify (SHOP 1.40%) with shares of both growth-oriented businesses down more than 33% last month. Despite such alarming sell-offs, these may be two of the best stocks for growth investors to buy and hold right now.

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1. Align Technology

Align Technology makes clear teeth aligners under its Invisalign brand. They are attractive alternatives to regular braces because they don't stand out, and that can make people less self-conscious about their teeth. Last year, the company's sales rose 60% to just under $4 billion while operating profit more than doubled to $976 million. 

But that hasn't been enough to get investors to buy the stock. That's because demand has been struggling in 2022 due to inflation, supply-chain problems, and geographical issues. (China is a significant market for Align, and COVID-19 lockdowns there represent a headwind for the business.)

Those are among the reasons Align gave as to why its quarterly revenue of $973.2 million for the period ended March 31 was down 5.6% quarter over quarter. CEO Joe Hogan said the period was a tough one for the company, but he still believes that over the long term the business can generate revenue growth of 20% to 30%.

That's a key reason Align can be a solid growth stock to buy today. The long-term growth opportunities could lead to some strong returns later on. Today, the company has 12.8 million Invisalign patients and estimates that more than 500 million people across the globe could benefit from its products. 

Shares of Align haven't been trading this low in nearly two years, and adding it to your portfolio today could be a move you thank yourself for later.

2. Shopify

E-commerce stock Shopify has been one of the most beaten-down stocks of 2022. Down around 70% entering this week, it's also trading around multi-year lows. In November of last year, it hit a high of just under $1,763 -- so getting back to those levels would mean quadrupling from its current price. 

Shopify faces similar risks as Align does with headwinds in China and supply-chain problems weighing on the business' success. The company was already projecting a slowdown in February when Shopify's management warned investors that the 57% growth rate it achieved in 2021 wouldn't be matched this year.

Absent an estimate from the company as to how much lower its growth rate will be, investors have been fearing the worst for the business and expecting a sizable decline in revenue this year. Last year, Shopify had a record-setting performance with its top line coming in at more than $4.6 billion -- that's more than double the $1.6 billion in sales it reported in 2019 before the pandemic began.

And while a slowdown is likely inevitable after such strong growth over the past few years, there's reason for optimism that, like Align, Shopify can also bounce back. The challenges it's facing today won't last forever. And the need to make some extra money during a possible recession this year or just to help combat inflation could continue to make Shopify a popular platform to use, especially compared to other options; rival Etsy endured some negative press last month over its decision to hike seller fees by 30%.

E-commerce isn't going anywhere as businesses over the past few years have offered customers more ways to shop online and receive their purchases (through in-store pickup, curbside pickup, delivery, etc.). As those habits have changed, that could help lead to continued growth ahead for Shopify. Although the stock is down heavily this year, investors should remain bullish on the company over the long haul.