nCino (NASDAQ:NCNO) Price Target Raised to $35.00

nCino (NASDAQ:NCNO) had its price target raised by equities research analysts at JMP Securities from $32.00 to $35.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective would suggest a potential upside of 27.46% from the company’s previous close.

Several other brokerages have also commented on NCNO. Truist Financial increased their target price on shares of nCino from $21.00 to $27.00 and gave the company a “hold” rating in a report on Thursday, May 29th. Scotiabank reissued a “sector perform” rating and set a $26.00 price target (up previously from $19.00) on shares of nCino in a research report on Wednesday, May 21st. William Blair cut shares of nCino from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Bank of America increased their target price on shares of nCino from $22.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, April 10th. Finally, Raymond James cut their target price on nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.00.

nCino Price Performance

NASDAQ:NCNO traded up $0.14 during mid-day trading on Monday, hitting $27.46. 41,259 shares of the stock traded hands, compared to its average volume of 1,527,320. The business’s 50-day moving average price is $24.24 and its 200 day moving average price is $30.24. 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 company has a market cap of $3.18 billion, a PE ratio of -161.27, a price-to-earnings-growth ratio of 5.77 and a beta of 0.76. nCino has a 12-month low of $18.75 and a 12-month high of $43.20.

nCino (NASDAQ:NCNO) last posted its earnings results 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 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 analysts’ expectations of $140.81 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. nCino’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, analysts expect that nCino will post 0.12 EPS for the current fiscal year.

nCino announced that its board has approved a stock repurchase program on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider April Rieger sold 7,881 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total value of $164,397.66. Following the transaction, the insider now directly owns 138,072 shares in the company, valued at $2,880,181.92. This trade represents a 5.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Pierre Naude sold 31,123 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $649,225.78. Following the sale, the director now owns 1,066,090 shares of the company’s stock, valued at approximately $22,238,637.40. This trade represents a 2.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,060 shares of company stock worth $3,101,115. 5.70% of the stock is owned by insiders.

Hedge Funds Weigh In On nCino

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Johnson Financial Group Inc. purchased a new position in nCino during the fourth quarter valued at $57,000. Covestor Ltd grew its stake in shares of nCino by 27.6% in the 1st quarter. Covestor Ltd now owns 2,388 shares of the company’s stock worth $66,000 after buying an additional 517 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in nCino by 16.5% in the fourth 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. First Horizon Advisors Inc. boosted its stake in nCino by 22.5% during the first quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company’s stock worth $80,000 after buying an additional 538 shares during the period. Finally, FNY Investment Advisers LLC purchased a new stake in shares of nCino in the first quarter valued at $82,000. Hedge funds and other institutional investors 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.