It's been a tough year for the broad market. It's been a downright miserable one, however, for a handful of technology stocks that were all the rage in 2021. Economic malaise is on the horizon, and investors' appetite for risk-driven growth is shrinking.

But not every one of this year's big losers is in the sort of trouble their plummeting stocks suggest. If you're truly long-term-minded and can look past all the fear-based noise, here are two great tech stocks to consider stepping into while they're down in a big way.

1. Shopify

On the off chance you're not familiar with this company, Shopify (SHOP 0.23%) helps companies build an e-commerce presence.

Much of its growth since its 2006 launch can be attributed to seller frustration with platforms like Amazon and to a lesser degree, eBay. Using Shopify, online businesses enjoy greater control of the customer experience and don't have to share anything with a sales partner that's also a competitor or at least assists competing sellers. Recent estimates indicate roughly 2 million businesses are utilizing Shopify's e-commerce tools. Collectively, they sold $46.2 billion worth of goods during the third quarter of this year. That's 11% better than the year-earlier Q3 tally, extending a growth streak that's been in place for years.

This growth streak obviously didn't stave off an 80% rout from the stock's peak hit in November 2021. Don't read too much into the steep sell-off, however.

A huge chunk of the weakness stems from the overexuberant rally in 2021 prompted by Shopify's rapid growth in the midst of the pandemic when online shopping was surging. The company was doing well but not nearly as well as the stock's heroic rise implied. Investors corrected the error this year.

The thing is, investors arguably over-corrected their error. Insider Intelligence's market research arm eMarketer estimates direct-to-consumer sales in the all-important U.S. market will continue growing at a pace in the mid-teens next year as well as in 2024. That's a key reason why analysts are calling for a little more than 20% sales growth from Shopify in the coming year, which should be enough to get Shopify back into the black after this year's dip into the red ink. And given eMarketer's estimates that direct sales to consumers still only account for less than 3% of the country's total retail spending, Shopify's growth opportunities remain enormous far beyond 2023.

This potential is a key reason the analyst community maintains its average price target near $40 per share or more than 20% above the stock's present price. Even that outlook, however, may be underestimating the scope of the rebound in store.

2. Datadog

The other tech name sellers have ripped into far too aggressively this year is cloud-computing security outfit Datadog (DDOG -3.94%). Its shares are down more than 60% from their November 2021 peak for much the same reason Shopify's are: The market's been unwinding 2021's red-hot run-up. And like Shopify stock, these sellers overshot their target. Wall Street's current consensus target near $110 per share is more than 50% above Datadog's present price of just under $73.

Most analysts' bullish arguments for Datadog are sound. But perhaps none are as sound as Oppenheimer analyst Ittai Kidron's recent explanation for the firm's upgrade of the cybersecurity company's stock:

We're upgrading Datadog to Outperform from Perform with a $105 price target. The company's unified, real-time view into the entire technology stack remains mission-critical to developers/enterprises as they focus on identifying/eliminating performance issues. While not recession-proof, the mission-critical nature of its solutions gives Datadog relative resiliency in times of spending constraints.

Translation? Against the backdrop of continued hacking and data breaches, most enterprises simply can't afford to skimp on defending their public clouds from cyber criminals.

There's no denying the company is one of its market's top go-to solutions providers. Forrester just named it a leader within the artificial intelligence for IT operations (AIOps) space, and earlier this year, IT consulting and market research outfit Gartner deemed Datadog a leader among application performance-monitoring and observability software. Clearly, the company's doing something right.

Datadog's past and projected results underscore this idea too. Following this year's likely 61% top-line improvement, we should see sales growth of nearly 34% next year. That's expected to drive per-share profits up from last year's $0.48 to $0.91 this year, to $1.18 per share in 2023, quelling any criticism that the software-as-a-service (SaaS) name is merely buying its growth. Look for that to become a key bullish talking point in the coming year, perhaps convincing would-be buyers to go ahead and get on board.