Analyst Ryan MacDonald from Needham reiterated a Buy rating on Docebo and decreased the price target to $38.00 from $42.00.
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Ryan MacDonald has given his Buy rating due to a combination of factors that highlight Docebo’s strong market position and growth potential. The company’s impressive third-quarter results demonstrate its effective execution of an enterprise-focused go-to-market strategy, which is further bolstered by robust relationships with systems integrators. This has resulted in healthy win rates and annual contract value growth.
Moreover, Docebo’s continued strength in the state, local, and education sectors, along with earlier-than-expected federal wins and a growing federal pipeline, positions the company well for fiscal year 2026. While there are concerns about the reduction of an OEM relationship, MacDonald believes that the company can mitigate these challenges through its enterprise and federal strengths, alongside a projected margin expansion of approximately 300 basis points. The adjusted price target reflects recent SaaS multiple compression rather than any decline in business performance, aligning Docebo’s valuation with the median multiple of its growth group.
In another report released on November 5, Oppenheimer also initiated coverage with a Buy rating on the stock with a $35.00 price target.
Based on the recent corporate insider activity of 95 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of DCBO in relation to earlier this year.