nCino (NASDAQ:NCNO) Given New $23.00 Price Target at Morgan Stanley

nCino (NASDAQ:NCNO) had its price target decreased by Morgan Stanley from $39.00 to $23.00 in a report issued on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities analysts also recently commented on NCNO. The Goldman Sachs Group downgraded shares of nCino from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $42.00 to $24.00 in a research note on Wednesday. Scotiabank restated a “sector perform” rating and set a $19.00 price objective (down from $35.00) on shares of nCino in a research note on Wednesday. Piper Sandler cut their target price on nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday. KeyCorp restated a “sector weight” rating on shares of nCino in a report on Monday, February 3rd. Finally, Needham & Company LLC cut their price objective on shares of nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, nCino has a consensus rating of “Hold” and a consensus target price of $31.40.

nCino Price Performance

nCino stock opened at $22.59 on Wednesday. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -132.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. The firm has a 50-day moving average of $31.02 and a two-hundred day moving average of $34.12. nCino has a 1 year low of $18.75 and a 1 year high of $43.20. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95.

nCino (NASDAQ:NCNO) last issued its earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. During the same quarter in the previous year, the company earned $0.21 earnings per share. The firm’s revenue was up 14.3% on a year-over-year basis. On average, research analysts forecast that nCino will post 0.12 earnings per share for the current year.

nCino declared that its Board of Directors has authorized a stock buyback program on Tuesday, April 1st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other nCino news, CFO Gregory Orenstein sold 5,148 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $167,824.80. Following the sale, the chief financial officer now directly owns 271,744 shares of the company’s stock, valued at approximately $8,858,854.40. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider April Rieger sold 4,325 shares of the business’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 directly owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. This trade represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,877 shares of company stock valued at $2,963,893. 28.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NCNO. Fifth Third Bancorp acquired a new stake in shares of nCino during the 4th quarter worth approximately $34,000. Hilltop National Bank purchased a new stake in nCino during the fourth quarter worth $37,000. Johnson Financial Group Inc. acquired a new stake in nCino during the fourth quarter valued at $57,000. Asset Management One Co. Ltd. increased its holdings in nCino by 16.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after buying an additional 323 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after purchasing an additional 1,122 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

About nCino

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.