Shares of Nitro Software Ltd (ASX: NTO) are shifting higher on Monday and now trade 4.71% higher at $1.335. Earlier, the Nitro share price was as high as 7%.
Despite no market-sensitive updates today, the Nitro Software share price has surged hard from the open alongside many other tech names.
In wider market moves, the S&P/ASX All Technology Index (ASX: XTX) is also up 1.79% as investors show confidence in tech shares once again.
What's up with the Nitro Software share price?
Shares in Nitro have oscillated in recent weeks and have been trading in a fairly narrow range of $1.59 to $1.13 per share, a roughly 20% spread.
In that time, tech shares have embarked on a gyrating ride as well, recently coming off a rough period marred by volatility.
As such Nitro has seen both its stock price and valuation take a lunge backwards in recent weeks, with a string of brokers reducing their price targets on the company.
Each of UBS, Bell Potter, Goldman Sachs and Jarden cut their price target on the stock by 5%–25% to start the month.
Meanwhile, analysts at Shaw & Partners increased their valuation of the company by 8% to $2.70 per share. Morgan Stanley also retained its buy rating in a recent note, although trimmed its price target by over 40% to $2.30 in the process.
The broker noted it had revised its earnings targets for Nitro given a large drop in similar names and a reduced earnings guidance, but this was offset by its view on Nitro's e-signing capacity – especially via the company's PDF software.
Forager Funds is also opting to keep ahold of the stock, according to a recent TMF analysis from Tony Yoo.
"Trends in revenue growth for all three remain at least in line with expectations, ranging from 24% at Whispir (using the recurring component of its revenue only) to more than 40% at Nitro," Forager said, cited by TMF.
And the investment manager isn't against the grain here either – 100% of analysts have Nitro Software rated as a buy right now, according to Bloomberg data.
The consensus price target from this list is $2.57 per share, indicating an upside potential of 127% should the bull thesis pull through.
Nitro Software share price snapshot
In the last 12 months, the Nitro Software share price has clipped more than 48% into the red after another 46% dip this year to date.
