nCino (NASDAQ:NCNO) Price Target Raised to $27.00

nCino (NASDAQ:NCNO) had its price objective increased by Morgan Stanley from $23.00 to $27.00 in a report released on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts have also issued reports on NCNO. Raymond James dropped their target price on shares of nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Truist Financial lowered shares of nCino from a “buy” rating to a “hold” rating and dropped their target price for the stock from $44.00 to $21.00 in a research report on Wednesday, April 2nd. Barclays dropped their target price on shares of nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Piper Sandler dropped their target price on shares of nCino from $28.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Finally, KeyCorp reissued a “sector weight” rating on shares of nCino in a report on Monday, February 3rd. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $30.80.

nCino Price Performance

Shares of nCino stock opened at $26.26 on Friday. The firm has a fifty day simple moving average of $24.63 and a 200-day simple moving average of $31.23. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino has a 1-year low of $18.75 and a 1-year high of $43.20. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of -154.46, a PEG ratio of 5.77 and a beta of 0.71.

nCino (NASDAQ:NCNO) last announced its earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The company had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. During the same period last year, the firm posted $0.21 EPS. The company’s revenue was up 14.3% compared to the same quarter last year. On average, sell-side analysts expect that nCino will post 0.12 earnings per share for the current year.

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

Insider Buying and Selling

In related news, CEO Sean Desmond sold 7,880 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $164,376.80. Following the completion of the sale, the chief executive officer now owns 298,597 shares in the company, valued at $6,228,733.42. This trade represents a 2.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider April Rieger sold 7,881 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,397.66. Following the sale, the insider now owns 138,072 shares of the company’s stock, valued at $2,880,181.92. This trade represents a 5.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 141,060 shares of company stock worth $3,101,115 in the last quarter. 5.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On nCino

Hedge funds have recently made changes to their positions in the company. Barclays PLC grew its holdings in nCino by 22.2% during the 3rd quarter. Barclays PLC now owns 73,014 shares of the company’s stock worth $2,306,000 after acquiring an additional 13,252 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in nCino by 12.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 9,865 shares of the company’s stock worth $331,000 after acquiring an additional 1,072 shares during the last quarter. Cottonwood Capital Advisors LLC bought a new stake in nCino during the 4th quarter worth about $218,000. Fifth Third Bancorp bought a new stake in nCino during the 4th quarter worth about $34,000. Finally, KBC Group NV grew its holdings in nCino by 3,082.1% during the 4th quarter. KBC Group NV now owns 75,988 shares of the company’s stock worth $2,552,000 after acquiring an additional 73,600 shares during the last quarter. Institutional investors and hedge funds 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.