nCino (NASDAQ:NCNO) Price Target Cut to $23.00 by Analysts at Morgan Stanley

nCino (NASDAQ:NCNO) had its price objective reduced by stock analysts at Morgan Stanley from $39.00 to $23.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 8.68% from the company’s current price.

Several other equities research analysts have also commented on NCNO. Piper Sandler cut their price objective on nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday. William Blair cut nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday. The Goldman Sachs Group lowered nCino from a “buy” rating to a “neutral” rating and decreased their price target for the company from $42.00 to $24.00 in a research note on Wednesday. Truist Financial downgraded nCino from a “buy” rating to a “hold” rating and cut their price objective for the stock from $44.00 to $21.00 in a research report on Wednesday. Finally, Barclays raised shares of nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 target price for the company in a research note on Monday, January 6th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $34.21.

nCino Stock Down 24.7 %

NASDAQ:NCNO opened at $21.16 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 company’s fifty day moving average price is $31.22 and its 200-day moving average price is $34.20. nCino has a 1-year low of $18.12 and a 1-year high of $43.20. The firm has a market capitalization of $2.45 billion, a P/E ratio of -121.36, a PEG ratio of 5.77 and a beta of 0.66.

nCino (NASDAQ:NCNO) last released its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $141.37 million for the quarter, compared to analysts’ expectations of $140.81 million. During the same quarter in the previous year, the business posted $0.21 EPS. The business’s quarterly revenue was up 14.3% on a year-over-year basis. As a group, equities research analysts anticipate that nCino will post 0.12 EPS for the current year.

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

Insider Activity at nCino

In other nCino news, CFO Gregory Orenstein sold 5,148 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were 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 in the company, valued at approximately $8,858,854.40. The trade was a 1.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeff Horing sold 54,876 shares of the business’s stock in a transaction dated 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 sale, 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. Insiders have sold 86,877 shares of company stock worth $2,963,893 in the last quarter. Company insiders own 28.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NCNO. Fifth Third Bancorp acquired a new position in shares of nCino during the 4th quarter worth approximately $34,000. Hilltop National Bank purchased a new stake in shares of nCino in the fourth quarter valued at $37,000. Johnson Financial Group Inc. acquired a new position in nCino in the 4th quarter valued at about $57,000. Asset Management One Co. Ltd. boosted its stake in nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after buying an additional 323 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in nCino by 32.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after buying an additional 1,122 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.