It's really hard to say without a specific formula that Morningstar applies to these stocks to judge whether or not they're correct in being "overvalued". Keep in mind, these algorithms that are set up by companies like Yahoo Finance, Morningstar, Reuters etc will almost always rank a pure-growth stock as overvalued, because they technically are. You're paying a premium now, for better than market growth in the future. The trick to growth investing, is to make the premium you're paying now a bargain in the future.
Now, we shifted Lightspeed POS to "Neutral" territory on our Bull List in the high $70 range because we feel it had ran up a little too much. It continued to run up a bit but seems to have settled right now.
This is a stock I definitely feel has ran up a little bit too fast (hence the shift to Neutral on our Bull List). However, we still do believe in the long term prospects of Lightspeed, and one of the main reasons we didn't outright remove it is it reports earnings in early February. This could cause a significant shift in price in either direction, and will provide a lot more insight in terms of where we feel its share price should be at.
In terms of Docebo, I'm just going to let you do the searching, as I don't want to pile too much into this question. If you go to the top search bar at the main Q and A page and type in DCBO, you're going to get around 6-7 questions that have been answered on the company in the last week!