The stock market has had its ups and downs this year. The major indexes -- the Nasdaq Composite, the Dow Jones Industrial Average, and the S&P 500 -- are down 22%, 12%, and 16%, respectively. However, investors should remember that those same indexes are up 285%, 140%, and 180% over the last 10 years

With that perspective, now seems like a great time to purchase stocks at a discount. So, let's have a look at three growth stocks that are screaming buys.

Person smiling behind a laptop.

Image source: Getty Images.

Alphabet

The first top growth stock on my radar is Alphabet (GOOG 0.77%), (GOOGL 0.66%). When it comes to Alphabet, size comes to mind. With a market capitalization of $1.4 trillion, Alphabet is the third largest American company, trailing only Apple and Microsoft.

And it's no wonder. Alphabet boasts several world-famous brands, including YouTube, Google Cloud, and its ubiquitous Google Search business. With so many successful business segments, Alphabet's growth is exceptional. Quarterly revenue grew at 12.6% during its most recent quarter. What's more, the company is cheap on a relative basis.

GOOG PS Ratio Chart

GOOG PS Ratio data by YCharts.

Alphabet's current price-to-sales ratio of 5.4 is still significantly below its five-year average of 6.6. Long-term investors looking to add a top growth stock with entrenched business segments should give Alphabet a look right now.

Snowflake

My second top growth stock to own right now is Snowflake (SNOW 1.44%). The company operates a cloud-computing application called Data Cloud, which allows customers to aggregate their data, perform analysis, and draw conclusions. Data Cloud helps customers solve the problem of data siloing, which has become more common as organizations employ cloud services from numerous vendors.

The company recently reported stellar earnings results, which sent shares soaring more than 17%. For the fiscal second quarter (the three months ending on July 31), Snowflake reported $497 million in revenue, beating consensus estimates by about $30 million. The company's year-over-year revenue growth came in at a blistering 83%, while its number of customers surged to 6,808, up 36% from a year ago. If there's one key takeaway from Snowflake's fantastic quarter, it's this: Snowflake's skyrocketing growth remains intact. 

Lululemon

My third and final growth stock that's a screaming buy is Lululemon (LULU -2.59%). The company makes and sells athleisure clothing, shoes, and accessories.

Despite widespread fears over a looming recession, Lululemon has delivered outstanding growth thus far in 2022. Revenue over the last 12 months was $6.6 billion. In its most recent quarter (the three months ending on May 1, 2022), revenue surged 31.6% from a year ago. 

Yet it's crucial to remember that Lululemon has more to offer than its popular yoga apparel and omnipresent belt bags. In point of fact, Chief Executive Officer Calvin Mcdonald is confident that Lululemon can double its revenue by 2026 by increasing its sales to men and growing footwear sales.

LULU PE Ratio Chart

LULU PE Ratio data by YCharts.

If the company can deliver on its goal, it looks like a buy. Its price-to-earnings (P/E) multiple of 39 seems high, but on a relative basis, Lululemon is cheap. Looking back over the last five years, the company's average P/E ratio is 54, showing that market participants have been willing to pay a premium for Lululemon.

The company reports earnings after the market closes on Sept. 1. Long-term investors would be wise to load up on any weakness.