Raymond James Has Lowered Expectations for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its target price lowered by analysts at Raymond James from $42.00 to $32.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ price target indicates a potential upside of 47.40% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Barclays decreased their price target on shares of nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday. The Goldman Sachs Group cut nCino from a “buy” rating to a “neutral” rating and reduced their target price for the company from $42.00 to $24.00 in a report on Wednesday. Piper Sandler dropped their price target on nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday. Morgan Stanley reduced their price objective on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, William Blair downgraded shares of nCino from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, nCino has an average rating of “Hold” and a consensus price target of $30.33.

nCino Price Performance

Shares of NASDAQ:NCNO opened at $21.71 on Wednesday. The business has a fifty day simple moving average of $30.80 and a 200-day simple moving average of $34.03. nCino has a 52 week low of $18.75 and a 52 week high of $43.20. The company has a market cap of $2.51 billion, a P/E ratio of -127.70, a P/E/G ratio of 5.77 and a beta of 0.69. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). The business had revenue of $141.37 million during the quarter, compared to analysts’ expectations of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 EPS. Equities research analysts forecast that nCino will post 0.12 EPS for the current year.

nCino declared that its Board of Directors has approved a share repurchase program on Tuesday, April 1st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at nCino

In related news, insider April Rieger sold 4,325 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $140,995.00. Following the transaction, the insider now owns 145,953 shares in the company, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeff Horing sold 54,876 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $35.00, for a total value of $1,920,660.00. Following the sale, the director now owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This trade represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,877 shares of company stock valued at $2,963,893 in the last ninety days. Insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Asset Management One Co. Ltd. grew its holdings in nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after acquiring an additional 323 shares in the last quarter. Victory Capital Management Inc. grew its stake in nCino by 2.9% in the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company’s stock worth $407,000 after purchasing an additional 340 shares in the last quarter. Berry Wealth Group LP increased its holdings in nCino by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 8,207 shares of the company’s stock valued at $276,000 after buying an additional 400 shares during the last quarter. Handelsbanken Fonder AB raised its stake in nCino by 2.2% during the fourth quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company’s stock valued at $772,000 after buying an additional 500 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in nCino by 1.2% during the 4th quarter. Sterling Capital Management LLC now owns 48,945 shares of the company’s stock worth $1,644,000 after buying an additional 583 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

nCino Company Profile

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 connects financial institution employees, clients and third parties on a single cloud-based platform which include client onboarding, deposit account opening, loan origination, end-to-end mortgage suite, and powerful ecosystem.