nCino (NASDAQ:NCNO) Given New $21.00 Price Target at Barclays

nCino (NASDAQ:NCNO) had its price objective lowered by Barclays from $34.00 to $21.00 in a research note published on Tuesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on NCNO. Truist Financial reduced their target price on shares of nCino from $32.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, December 4th. BTIG Research began coverage on shares of nCino in a research report on Tuesday, December 16th. They issued a “neutral” rating on the stock. Needham & Company LLC restated a “buy” rating and issued a $38.00 price objective on shares of nCino in a report on Thursday, December 4th. Zacks Research cut shares of nCino from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of nCino from $30.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, nCino presently has a consensus rating of “Moderate Buy” and an average price target of $31.47.

nCino Price Performance

NCNO stock opened at $14.42 on Tuesday. The business’s 50-day moving average is $18.26 and its two-hundred day moving average is $23.36. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $1.65 billion, a P/E ratio of -80.11, a P/E/G ratio of 3.06 and a beta of 0.59. nCino has a 1 year low of $13.80 and a 1 year high of $33.92.

nCino announced that its board has approved a stock buyback program on Monday, December 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 3.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at nCino

In related news, Director Pierre Naude sold 24,273 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total transaction of $453,419.64. Following the completion of the transaction, the director directly owned 1,166,823 shares of the company’s stock, valued at $21,796,253.64. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sean Desmond sold 16,047 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total transaction of $299,757.96. Following the completion of the sale, the chief executive officer owned 602,550 shares of the company’s stock, valued at approximately $11,255,634. The trade was a 2.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 69,803 shares of company stock valued at $1,345,743. Insiders own 5.70% of the company’s stock.

Institutional Trading of nCino

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of nCino by 1.7% in the third quarter. Vanguard Group Inc. now owns 11,924,703 shares of the company’s stock valued at $323,279,000 after buying an additional 201,499 shares in the last quarter. Long Path Partners LP raised its position in nCino by 61.1% in the second quarter. Long Path Partners LP now owns 4,787,869 shares of the company’s stock worth $133,917,000 after acquiring an additional 1,815,868 shares in the last quarter. Senvest Management LLC lifted its holdings in nCino by 68.6% in the fourth quarter. Senvest Management LLC now owns 4,078,276 shares of the company’s stock valued at $104,567,000 after acquiring an additional 1,658,868 shares during the period. Spyglass Capital Management LLC lifted its holdings in nCino by 35.4% in the fourth quarter. Spyglass Capital Management LLC now owns 2,909,880 shares of the company’s stock valued at $74,609,000 after acquiring an additional 760,790 shares during the period. Finally, Conestoga Capital Advisors LLC boosted its position in shares of nCino by 25.7% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,861,024 shares of the company’s stock worth $73,357,000 after purchasing an additional 585,786 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

About nCino

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.