Truist Financial Cuts nCino (NASDAQ:NCNO) Price Target to $70.00

nCino (NASDAQ:NCNOGet Rating) had its target price reduced by analysts at Truist Financial from $80.00 to $70.00 in a research note issued on Thursday, The Fly reports. Truist Financial’s target price points to a potential upside of 118.68% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler decreased their target price on shares of nCino from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday. Barclays increased their price objective on shares of nCino from $38.00 to $39.00 in a research note on Thursday. Morgan Stanley started coverage on shares of nCino in a research note on Wednesday, April 13th. They issued an “overweight” rating and a $60.00 price objective on the stock. Zacks Investment Research upgraded shares of nCino from a “sell” rating to a “hold” rating in a research report on Saturday, March 5th. Finally, Robert W. Baird dropped their price target on shares of nCino from $60.00 to $55.00 in a research report on Monday, April 4th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $59.33.

nCino stock opened at $32.01 on Thursday. The company’s 50-day moving average price is $37.17 and its 200-day moving average price is $45.86. nCino has a twelve month low of $23.94 and a twelve month high of $79.43. The company has a quick ratio of 3.62, a current ratio of 3.62 and a debt-to-equity ratio of 0.08. The company has a market cap of $3.53 billion, a PE ratio of -62.76 and a beta of 0.92.

nCino (NASDAQ:NCNOGet Rating) last issued its quarterly earnings results on Wednesday, June 1st. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $94.21 million for the quarter, compared to the consensus estimate of $91.42 million. nCino had a negative net margin of 18.06% and a negative return on equity of 11.43%. The firm’s revenue was up 51.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) EPS. As a group, sell-side analysts expect that nCino will post -0.63 earnings per share for the current fiscal year.

In other nCino news, CEO Pierre Naude sold 9,749 shares of nCino stock in a transaction dated Wednesday, April 6th. The shares were sold at an average price of $43.63, for a total transaction of $425,348.87. Following the completion of the sale, the chief executive officer now directly owns 920,989 shares in the company, valued at $40,182,750.07. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeffrey W. Lunsford sold 60,000 shares of nCino stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $42.38, for a total transaction of $2,542,800.00. Following the sale, the director now owns 183,404 shares of the company’s stock, valued at $7,772,661.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 87,487 shares of company stock valued at $3,730,255. 37.20% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of nCino in the fourth quarter valued at approximately $27,000. Rockefeller Capital Management L.P. acquired a new position in shares of nCino in the third quarter valued at approximately $45,000. Canada Pension Plan Investment Board acquired a new position in shares of nCino in the fourth quarter valued at approximately $49,000. Lazard Asset Management LLC grew its holdings in shares of nCino by 52.8% in the fourth quarter. Lazard Asset Management LLC now owns 938 shares of the company’s stock valued at $51,000 after purchasing an additional 324 shares in the last quarter. Finally, Tilia Fiduciary Partners Inc. acquired a new position in shares of nCino in the first quarter valued at approximately $39,000.

About nCino (Get Rating)

nCino, Inc, a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally. Its nCino Bank Operating System, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable banks and credit unions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.

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