Why is the Nitro Software share price leaping 8% today?

Investors are bidding up tech shares in today's session.

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Key points

  • Nitro Software shares are rallying on Thursday to now trade well in the green despite a lacklustre performance in 2022 
  • In wider market moves, investors are bidding up tech shares on Thursday as well 
  • In the last 12 months, the Nitro Software share price has faltered more than 51% 

Shares of Nitro Software Ltd (ASX: NTO) are surging higher on Thursday and now trade 8% in the green at $1.35 apiece.

Despite no market-sensitive updates from the company, Nitro shares have jumped out of the gates today and rallied to an intraday high of $1.36 before heading sideways to their current levels.

In wider market moves, the S&P/ASX All Technology Index (ASX: XTX) has also jumped around 1.5% higher on the day on last check.

What's up with the Nitro share price?

Investors are bidding up tech and software shares on Thursday with the tech index outstripping most other sectors in trading today.

The moves come after a bloodbath on the tech-heavy Nasdaq composite on Tuesday, which saw the index drop 407 points to its lowest mark.

However, ASX tech shares appear to have pushed through the selloff, with the index tracking the sector holding up well amid the selling pressure.

Nitro appears to have matched this performance and gains have been carried through until today's session.

Aside from the market mechanics, Nitro also released the chairman's address of its annual general meeting (AGM) today.

Whilst the release isn't price-sensitive at all, the company's chairman, Kurt Johnson, gave a walkthrough of the company's performance during the period.

"Last year was an exciting time for Nitro and one of the most dynamic years in our history as we
purposefully scaled to drive even stronger growth in the years to come," Johnson said.

"Across 2021, we significantly expanded our product offering and addressable market with the
two game-changing acquisitions of PDFpen and Connective NV driven by the desire to add
technical capabilities to the Nitro Productivity Platform," he added.

Johnson then went on to talk about this year's results to date:

Turning now to 2022, we were pleased to announce strong Q1 results, with continued high revenue growth and record cash receipts. ARR, including Connective, was up 61% year-on year, and was driven by the continued success of our Nitro Productivity Platform and the Connective e Sign offering.

In the last 12 months, the Nitro Software share price has faltered more than 51% after a 45% loss this year to date.

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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