nCino (NASDAQ:NCNO) Price Target Lowered to $24.00 at Barclays

nCino (NASDAQ:NCNO) had its target price reduced by Barclays from $44.00 to $24.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also commented on NCNO. Piper Sandler decreased their price target on nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday. Morgan Stanley decreased their target price on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Needham & Company LLC dropped their price target on nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday. Macquarie lifted their price target on nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group cut shares of nCino from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $42.00 to $24.00 in a research note on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $31.40.

nCino Price Performance

nCino stock opened at $22.59 on Wednesday. The company has a market cap of $2.62 billion, a P/E ratio of -132.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. nCino has a one year low of $18.75 and a one year high of $43.20. The business has a fifty day moving average of $31.02 and a two-hundred day moving average of $34.12. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95.

nCino (NASDAQ:NCNO) last announced its quarterly 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). The company 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 business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 EPS. As a group, analysts predict that nCino will post 0.12 earnings per share for the current fiscal year.

nCino declared that its board has approved a stock buyback plan on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at nCino

In related news, CFO Gregory Orenstein sold 5,148 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $167,824.80. Following the completion of the sale, the chief financial officer now directly owns 271,744 shares in the company, valued at approximately $8,858,854.40. The trade was a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeff Horing sold 54,876 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the transaction, the director now directly owns 4,458,591 shares in the company, valued at approximately $156,050,685. This represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,877 shares of company stock worth $2,963,893. 28.40% of the stock is currently owned by insiders.

Institutional Trading of nCino

Several institutional investors have recently made changes to their positions in NCNO. Fifth Third Bancorp acquired a new position in nCino in the fourth quarter valued at $34,000. Hilltop National Bank purchased a new position in shares of nCino in the 4th quarter worth about $37,000. Johnson Financial Group Inc. acquired a new position in shares of nCino in the 4th quarter valued at about $57,000. Asset Management One Co. Ltd. grew its holdings in shares of 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 purchasing an additional 323 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in nCino by 32.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after purchasing an additional 1,122 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.