If you have $5,000 you can afford to invest in the stock market, now may be a good time to consider doing so, especially if you don't need that money for a while. There are some strong businesses out there that have seen their valuations nosedive this year that could present attractive opportunities for growth investors. Consider that a 20% return on a $5,000 investment would mean a $1,000 profit for your portfolio.

Two stocks that I'm confident could achieve that or more from where they are now are AstraZeneca (AZN 0.28%) and Adobe (ADBE -1.73%).

1. AstraZeneca

Healthcare giant AstraZeneca started the year strong and was up over 15% for the most part, but in recent weeks, the stock has given back those gains. There isn't an overly compelling reason for the recent decline as its 14% tumble over the past month is only slightly worse than the S&P 500's fall of 10%, suggesting that it's more to do with general softness in the market.

At around $57, the stock is closing in on its 52-week low of $53.63. At its current price, the stock could be a steal of a deal. AstraZeneca's broad focus on treatments that cover cancer, rare diseases, diabetes, and cardiovascular issues give it plenty of growth opportunities that it can pursue.

Farxiga, for example, is a heart failure medication that also helps people control their blood sugar level. It may generate up to $9 billion in peak annual sales by 2028 and is one of the company's most promising drugs.

Analysts also project that cancer treatment Lynparza may bring in even more revenue, potentially peaking at $9.7 billion in annual sales. There's also Enhertu, which has been demonstrating positive results in treating breast cancer, and it has the potential to generate $6.6 billion when it reaches its peak.

That's a ton of growth potential in just a few drugs. And it could mean significant growth for a company that has generated $44 billion in revenue over the trailing 12 months. Trading at a forward price-to-earnings ratio of less than 15, AstraZeneca's valuation is in line with the average healthcare stock. 

But with the growth opportunities that are on the horizon for the business, this is a stock that should be trading better than the average. And that's why it's arguably undervalued right now and could make for a great long-term buy.

2. Adobe

Adobe is the latest tech stock to have crumbled this year. At less than $300, the stock has lost more than half of its value in the past year and is now trading at a 52-week low. However, it could be easy to argue that with its shares trading at more than 60 times earnings last year, it needed a trim to its valuation.

But the stock has taken more than just a haircut. Last week, its shares fell after the company announced it was acquiring a start-up business and competitor, Figma, for a whopping $20 billion, paying twice what the company was valued at just last year. It's a steep price tag for a company that analysts expect will generate $400 million in revenue this year. 

However, the good news is that this will help improve Adobe's growth prospects. Figma provides users with collaborative web applications that can give Adobe a new area for expansion. While Adobe Photoshop software is top of the line when it comes to editing photos, it isn't always the easiest for collaboration. The deal also eliminates the risk that Figma becomes a formidable competitor and takes away market share from Adobe.

Adobe's sales were a record $4.43 billion last quarter, for the period ending Sept. 2, and rose 13% year over year. The addition of Figma should strengthen that growth rate, making the business look better for growth investors in the future.

While investors are down on Adobe right now, this is still a business that generates incredible 88% gross margins, and the bulk of its revenue is from subscriptions. Adding another fast-growing company into the mix could set the stock up for some great gains ahead. Buying Adobe on the dip could prove to be a great move for investors today.