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

nCino (NASDAQ:NCNO) had its price objective reduced by stock analysts at Barclays from $44.00 to $24.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 14.21% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Scotiabank restated a “sector perform” rating and issued a $19.00 price target (down previously from $35.00) on shares of nCino in a report on Wednesday. William Blair downgraded shares of nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Raymond James dropped their price target on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Bank of America cut shares of nCino from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research report on Wednesday. Finally, UBS Group assumed coverage on nCino in a research report on Monday, December 16th. They set a “buy” rating and a $44.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, nCino has a consensus rating of “Hold” and a consensus target price of $32.07.

nCino Trading Down 25.3 %

Shares of NCNO stock traded down $7.11 during mid-day trading on Wednesday, reaching $21.01. The company’s stock had a trading volume of 8,202,639 shares, compared to its average volume of 1,241,962. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $2.43 billion, a PE ratio of -123.05, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. The company’s 50 day simple moving average is $31.22 and its 200-day simple moving average is $34.20. nCino has a 12-month low of $18.12 and a 12-month high of $43.20.

nCino (NASDAQ:NCNO) last released its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate 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 company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the business earned $0.21 earnings per share. On average, research analysts predict that nCino will post 0.12 EPS for the current fiscal year.

nCino announced that its Board of Directors has initiated a stock repurchase program on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at nCino

In other nCino news, insider April Rieger sold 4,325 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $140,995.00. Following the completion of the transaction, the insider now owns 145,953 shares in the company, valued at approximately $4,758,067.80. This represents a 2.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gregory Orenstein sold 5,148 shares of nCino 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 sale, the chief financial officer now directly owns 271,744 shares in the company, valued at approximately $8,858,854.40. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock worth $2,963,893 in the last 90 days. 28.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Thrivent Financial for Lutherans acquired a new stake in nCino in the third quarter worth about $689,000. Charles Schwab Investment Management Inc. raised its position in shares of nCino by 51.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock worth $17,588,000 after buying an additional 189,283 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of nCino by 16.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 23,884 shares of the company’s stock worth $754,000 after acquiring an additional 3,417 shares during the period. FMR LLC boosted its holdings in shares of nCino by 2.4% in the third quarter. FMR LLC now owns 1,237,227 shares of the company’s stock valued at $39,084,000 after acquiring an additional 29,501 shares in the last quarter. Finally, Glenmede Trust Co. NA bought a new stake in nCino during the third quarter worth approximately $485,000. 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.