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

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

A number of other equities analysts have also weighed in on NCNO. Raymond James lowered their price target on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 25th. Needham & Company LLC lowered their target price on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley cut 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. Stephens reissued an “equal weight” rating and set a $38.00 price objective on shares of nCino in a research note on Thursday, March 20th. Finally, UBS Group initiated coverage on nCino in a research note on Monday, December 16th. They issued a “buy” rating and a $44.00 target price for the company. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.33.

nCino Stock Performance

NASDAQ NCNO opened at $21.45 on Wednesday. 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 stock’s 50 day simple moving average is $30.58 and its 200-day simple moving average is $33.97. The company has a market cap of $2.48 billion, a PE ratio of -126.17, a price-to-earnings-growth ratio of 5.77 and a beta of 0.69. nCino has a 1-year low of $18.75 and a 1-year high of $43.20.

nCino (NASDAQ:NCNO) last posted 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). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same period in the prior year, the company posted $0.21 earnings per share. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, equities research analysts anticipate that nCino will post 0.12 EPS for the current fiscal year.

nCino declared that its Board of Directors has authorized 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 reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at nCino

In related news, Director Jeff Horing sold 54,876 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $35.00, for a total value of $1,920,660.00. Following the sale, the director now owns 4,458,591 shares in the company, valued at approximately $156,050,685. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider April Rieger sold 4,325 shares of the firm’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 transaction, the insider now owns 145,953 shares of the company’s stock, valued at $4,758,067.80. This trade represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 146,864 shares of company stock worth $4,215,221 over the last three months. Insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

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