Docebo (DCBO)

• Market cap: $948M
• 1 day: -0.73%
• 5 days: 3.20%
• 1 month: 9.02%
• 3 months: -26.94%
• 6 months: -32.30%
• Year to date: -30.89%
• 1 year: -30.10%
• 5 years: -37.40%
• 10 years: -37.40%
• Sector: Technology
• Industry: Software - Application

About: Docebo Inc is a provider of cloud-based learning management systems. The solutions provided by the company allow learning administrators to deliver scalable and flexible personalized learning experiences, from formal training to social learning to multiple internal, external, and blended audiences. The group provides an easy-to-use, configurable, and affordable learning platform with the end-to-end capabilities and critical functionality needed to train both internal and external workforces, partners, and customers. The majority of the revenue is derived from customers based in North America.

Employees: 900

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

175% more first-time investments, than exits

New positions opened: 22 | Existing positions closed: 8

90% more call options, than puts

Call options by funds: $1M | Put options by funds: $528K

25% more funds holding in top 10

Funds holding in top 10: 4 [Q3] → 5 (+1) [Q4]

14% more funds holding

Funds holding: 98 [Q3] → 112 (+14) [Q4]

11% more repeat investments, than reductions

Existing positions increased: 39 | Existing positions reduced: 35

1.17% more ownership

Funds ownership: 41.83% [Q3] → 42.99% (+1.17%) [Q4]

4% more capital invested

Capital invested by funds: $560M [Q3] → $585M (+$24.8M) [Q4]

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $41 31% upside
• Avg. target: $43 36% upside
• High target: $45 44% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

Morgan Stanley Josh Baer 67% 1-year accuracy 12 / 18 met price target	31% upside $41	Overweight Maintained	16 Apr 2025
Needham Ryan MacDonald 35% 1-year accuracy 29 / 82 met price target	34% upside $42	Buy Reiterated	10 Apr 2025
Scotiabank Kevin Krishnaratne 30% 1-year accuracy 3 / 10 met price target	44% upside $45	Sector Outperform Maintained	4 Mar 2025