Needham Reiterates Buy on Docebo, Lowers Price Target to $38

Docebo Inc. (NASDAQ:DCBO) is one of the best EdTech Stocks to buy now.

On November 7, 2025, Needham’s Ryan MacDonald reiterated Buy on Docebo and trimmed his price target to $38 from $42. The call landed the same day Docebo reported Q3 and briefed investors on a business mix that’s shifting away from a single OEM toward broader enterprise and public-sector demand.

Management said its largest OEM now accounts for a smaller share of ARR than a year ago and that growth excluding this OEM is running faster, pointing to a healthier underlying engine.

The company also emphasized momentum with systems-integrator partners and new government wins, including an expansion at the U.S. Department of Energy and, through Deloitte, the U.S. Air Force Cyber Academy: evidence of a deeper foothold in federal and SLED channels. Together, these updates framed Q3 as a quarter of mix improvement and institutional traction alongside steady top-line progress.

Docebo Inc. (NASDAQ:DCBO) is an enterprise learning-platform provider whose AI-enabled LMS and adjacent modules help organizations design, deliver, and measure training at scale across commercial and public-sector customers.

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Disclosure: None.