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Highlights
- Before the market open on Friday, September 17, NVEI and Docebo stocks were trending in the Canadian market.
- Nuvei is the largest provider of private and non-bank payment services.
- Docebo is involved in providing cloud-based learning services and offers real-time tracking of training results.
The Canadian equities market has some great technology stocks to offer and the overall sector has performed well since the beginning of this year. The S&P/TSX Information Technology Index surged about 32 per cent year-to-date (YTD) and a few tech companies have given massive returns to shareholders in the recent past.
That said, we are exploring two tech stocks in this article as their names have surfaced in the Canadian trending charts to find out if they are suitable for an investment portfolio:
Nuvei Corporation (TSX:NVEI)
The Montreal-based financial technology company is the largest provider of private and non-bank payment services. Nuvei generates maximum revenue from the United States, however, it has a presence in the United Kingdom, the European Union, and the rest of the world.
At market open on Friday, September 17, the stock jumped by 0.7 per cent and it was trading at C$ 176.29 apiece, at the time of writing. The NVEI stock has skyrocketed by 290.6 per cent in the last 12 months and expanded 126 per cent year-to-date.
The payments processor is expanding its presence in Latin America and has recently announced that it will acquire Paymentez, one of the leading payment solution providers in Latin America. Earlier, on September 1, Nuvei had complete the acquisition of Simplex, which is a licensed financial institution and empowers its partner to accept a wide range of payment methods.
Docebo Inc. (TSX:DCBO)
The software-as-a-service (SaaS) provider is involved in providing cloud-based learning services and offers real-time tracking of training results. Through its services, Docebo optimizes the time and reduces costs associated with traditional learning methods.
After the COVID-19 pandemic, online learning and training modules recorded a surge in demand and it is expected to continue as many organizations are still offering work-from-home facilities to their employees.
Also Read: 5 best Canadian mid-cap stocks to buy this September
On September 16, Docebo announced a secondary bought deal offering in Canada and the US. Under the deal, 1,000,000 common shares will be sold for C$ 112 per share by certain of its shareholders like Intercap Equity Inc. and Alessio Artuffo among others and the underwriting syndicate will be led by Canaccord Genuity Corp.
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In the last three months, DCBO stock had a relative growth of about 60 per cent and it outperformed the sector of the S&P/TSX Application Software Index.
Also Read: Top 8 TSX stocks that grew more than 300% in 3 years
Bottom line
A diversified portfolio investment often offers stability to your investments as keeping stocks of different sectors balances out the losses. If you are exploring a few stocks for diversifying your portfolio, you could consider exploring these tech stocks.
