Keefe, Bruyette & Woods Issues Pessimistic Forecast for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its target price dropped by stock analysts at Keefe, Bruyette & Woods from $40.00 to $28.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 23.95% from the company’s current price.

Several other brokerages have also weighed in on NCNO. Barclays cut their price objective on shares of nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a research report on Wednesday. Scotiabank reaffirmed a “sector perform” rating and issued a $19.00 price objective (down previously from $35.00) on shares of nCino in a research note on Wednesday. Needham & Company LLC lowered their target price on shares of nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday. Piper Sandler reduced their price target on nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Morgan Stanley lowered their price objective on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $30.33.

nCino Trading Down 19.7 %

nCino stock opened at $22.59 on Thursday. nCino has a 12 month low of $18.75 and a 12 month high of $43.20. 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 stock has a market cap 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. The company’s fifty day simple moving average is $31.02 and its 200-day simple moving average is $34.12.

nCino (NASDAQ:NCNO) last issued its earnings results on Tuesday, April 1st. The company reported $0.12 EPS 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 firm had revenue of $141.37 million during the quarter, compared to analysts’ expectations of $140.81 million. During the same quarter last year, the firm earned $0.21 EPS. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, sell-side analysts forecast that nCino will post 0.12 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, CFO Gregory Orenstein sold 5,148 shares of nCino 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 $8,858,854.40. This trade represents a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider April Rieger sold 4,325 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 $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. Over the last quarter, insiders have sold 86,877 shares of company stock valued at $2,963,893. 28.40% of the stock is owned by company insiders.

Institutional Trading of nCino

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

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.