Brazilian Billionaire Jorge Paulo Lemann Has Lost Faith in These 5 Tech Stocks

2. Docebo Inc (NASDAQ:DCBO)

Former Value of 3G Capital‘s 13F Position: $28.9 million

Number of Hedge Fund Shareholders (as of March 31): 11

Hedge fund ownership of Docebo Inc (NASDAQ:DCBO) surged to an all-time high in the third quarter of 2021, during which time 3G Capital was also further building up its stake in the company. Several hedge funds cut ties with the stock in Q4 though and 3G Capital followed suit in Q1, unloading its 430,000 shares.

Docebo Inc (NASDAQ:DCBO), which operates an artificial intelligence social learning platform, has enjoyed strong growth in recent quarters, though some analysts are skeptical about the company’s ability to continue scaling and growing near current rates. Docebo grew its customer count to 2,947 as of the end of March, up from 2,333 a year earlier.

Docebo Inc (NASDAQ:DCBO) also grew annual recurring revenue by 55% to $129.3 million during the quarter, a strong start to the year in light of Canaccord predicting just 43% ARR growth for the company this year. The company does spend a significant chunk of its income on marketing initiatives however, which has dented profitability and could indicate the relative difficulty and costliness of Docebo’s customer acquisition initiatives.