nCino (NASDAQ:NCNO) Price Target Lowered to $21.00 at Morgan Stanley

nCino (NASDAQ:NCNO) had its target price decreased by Morgan Stanley from $36.00 to $21.00 in a research report report published on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other research analysts have also issued reports on the company. Zacks Research lowered nCino from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. UBS Group reaffirmed a “buy” rating and issued a $36.00 target price on shares of nCino in a research report on Tuesday, December 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of nCino in a research note on Thursday, January 22nd. Piper Sandler lowered their price target on shares of nCino from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, December 4th. Finally, Truist Financial dropped their price objective 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. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.53.

nCino Stock Up 2.9%

NASDAQ:NCNO opened at $14.42 on Monday. The firm has a market capitalization of $1.65 billion, a PE ratio of -80.11, a price-to-earnings-growth ratio of 2.76 and a beta of 0.60. The stock has a 50 day moving average of $17.48 and a 200-day moving average of $22.91. nCino has a 52 week low of $13.80 and a 52 week high of $33.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.24.

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

Insider Buying and Selling

In other news, insider April Rieger sold 8,078 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total transaction of $150,897.04. Following the transaction, the insider directly owned 221,696 shares of the company’s stock, valued at approximately $4,141,281.28. This trade represents a 3.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jeanette Sellers sold 2,182 shares of nCino stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $18.26, for a total transaction of $39,843.32. Following the sale, the senior vice president owned 43,219 shares in the company, valued at approximately $789,178.94. This represents a 4.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 69,803 shares of company stock valued at $1,345,743. Company insiders own 5.70% of the company’s stock.

Institutional Trading of nCino

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of nCino by 475.1% in the third quarter. Bank of America Corp DE now owns 2,513,686 shares of the company’s stock valued at $68,146,000 after acquiring an additional 2,076,579 shares in the last quarter. Long Path Partners LP raised its holdings in nCino by 61.1% during the second quarter. Long Path Partners LP now owns 4,787,869 shares of the company’s stock worth $133,917,000 after purchasing an additional 1,815,868 shares in the last quarter. Millennium Management LLC raised its holdings in nCino by 262.8% during the fourth quarter. Millennium Management LLC now owns 2,341,532 shares of the company’s stock worth $60,037,000 after purchasing an additional 1,696,051 shares in the last quarter. Senvest Management LLC lifted its position in nCino by 68.6% in the fourth quarter. Senvest Management LLC now owns 4,078,276 shares of the company’s stock worth $104,567,000 after purchasing an additional 1,658,868 shares during the period. Finally, Spyglass Capital Management LLC bought a new position in nCino during the 2nd quarter valued at $44,190,000. 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.