nCino (NASDAQ:NCNO) Given New $28.00 Price Target at Needham & Company LLC

nCino (NASDAQ:NCNO) had its price target reduced by Needham & Company LLC from $45.00 to $28.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently commented on NCNO. Keefe, Bruyette & Woods decreased their target price on shares of nCino from $44.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, March 28th. Stephens restated an “equal weight” rating and set a $38.00 target price on shares of nCino in a report on Thursday, March 20th. Barclays raised nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a research note on Monday, January 6th. Macquarie increased their price objective on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Raymond James decreased their target price on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.40.

nCino Stock Down 19.7 %

NCNO opened at $22.59 on Wednesday. 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 business’s fifty day simple moving average is $31.02 and its 200 day simple moving average is $34.12. nCino has a 52 week low of $18.75 and a 52 week high of $43.20. The stock has a market cap of $2.62 billion, a PE ratio of -132.87, a P/E/G ratio of 5.77 and a beta of 0.66.

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

nCino declared that its Board of Directors has initiated a share repurchase plan on Tuesday, April 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at nCino

In other news, Director Jeff Horing sold 54,876 shares of the firm’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 transaction, the director now directly owns 4,458,591 shares in the company, valued at $156,050,685. This trade represents a 1.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider April Rieger sold 4,325 shares of the company’s stock in a transaction 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 sale, the insider now 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. Insiders have sold 86,877 shares of company stock valued at $2,963,893 over the last ninety days. Insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp bought a new stake in nCino during the fourth quarter valued at about $34,000. Hilltop National Bank bought a new position in shares of nCino in the fourth quarter worth approximately $37,000. Johnson Financial Group Inc. purchased a new stake in shares of nCino in the fourth quarter worth $57,000. Asset Management One Co. Ltd. raised 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 purchasing an additional 323 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in shares of nCino by 32.9% during 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 in the last quarter. 94.76% of the stock is owned by hedge funds and other 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.