nCino (NASDAQ:NCNO) Price Target Cut to $32.00 by Analysts at Raymond James

nCino (NASDAQ:NCNO) had its price target decreased by Raymond James from $42.00 to $32.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Raymond James currently has an outperform rating on the stock.

Other equities analysts have also recently issued reports about the stock. Bank of America cut shares of nCino from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Wednesday. Needham & Company LLC lowered their price objective on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a report on Monday, February 3rd. Morgan Stanley lowered their price target on nCino from $39.00 to $23.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, The Goldman Sachs Group lowered nCino from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $42.00 to $24.00 in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.40.

nCino Trading Down 19.7 %

Shares of NASDAQ:NCNO opened at $22.59 on Wednesday. The business’s 50 day simple moving average is $31.02 and its 200 day simple moving average is $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. The company has a market capitalization of $2.62 billion, a P/E ratio of -132.87, a P/E/G ratio of 5.77 and a beta of 0.66.

nCino (NASDAQ:NCNO) last released 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 company had revenue of $141.37 million for the quarter, compared to analyst estimates of $140.81 million. During the same period last year, the company posted $0.21 earnings per share. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, research analysts anticipate that nCino will post 0.12 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, insider April Rieger sold 4,325 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the completion of the transaction, the insider now directly owns 145,953 shares in the company, valued at $4,758,067.80. This trade represents a 2.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gregory Orenstein sold 5,148 shares of the company’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 owns 271,744 shares in the company, valued at $8,858,854.40. The trade was a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,877 shares of company stock valued at $2,963,893. 28.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On nCino

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in nCino by 9.6% during the 4th quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company’s stock worth $363,697,000 after acquiring an additional 948,282 shares during the period. Wasatch Advisors LP boosted its position in shares of nCino by 171.9% during the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock valued at $207,450,000 after purchasing an additional 3,905,802 shares in the last quarter. Capital International Investors grew its stake in nCino by 57.4% during the fourth quarter. Capital International Investors now owns 4,691,204 shares of the company’s stock worth $157,531,000 after purchasing an additional 1,710,893 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in nCino by 139.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock worth $108,834,000 after purchasing an additional 1,889,283 shares in the last quarter. Finally, Soma Equity Partners LP lifted its stake in nCino by 5.7% in the fourth quarter. Soma Equity Partners LP now owns 2,917,681 shares of the company’s stock valued at $97,976,000 after buying an additional 156,238 shares during the period. 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.