Morgan Stanley Issues Pessimistic Forecast for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its target price lowered by Morgan Stanley from $39.00 to $23.00 in a report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research firms have also commented on NCNO. Robert W. Baird lowered their price objective on nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, December 5th. Scotiabank restated a “sector perform” rating and issued a $19.00 price target (down previously from $35.00) on shares of nCino in a research report on Wednesday. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a research report on Monday, February 3rd. The Goldman Sachs Group lowered shares of nCino from a “buy” rating to a “neutral” rating and decreased their target price for the company from $42.00 to $24.00 in a report on Wednesday. Finally, Raymond James dropped their target price on shares of nCino from $44.00 to $42.00 and set an “outperform” rating for the company in a research report on Tuesday, March 25th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, nCino currently has an average rating of “Hold” and an average price target of $30.33.

nCino Trading Down 1.2 %

Shares of nCino stock opened at $21.45 on Wednesday. nCino has a 52-week low of $18.75 and a 52-week high of $43.20. The stock has a market cap of $2.48 billion, a PE ratio of -126.17, a PEG ratio of 5.77 and a beta of 0.69. The firm has a 50-day moving average of $30.58 and a 200-day moving average of $33.97. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95.

nCino (NASDAQ:NCNO) last posted its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share (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 business had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. During the same period in the prior year, the firm earned $0.21 EPS. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, sell-side analysts forecast that nCino will post 0.12 EPS for the current year.

nCino announced that its board has authorized a share repurchase 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 board believes its stock is undervalued.

Insider Transactions at nCino

In related news, insider April Rieger sold 4,325 shares of nCino stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $140,995.00. Following the sale, the insider now directly owns 145,953 shares in the company, valued at $4,758,067.80. This trade represents a 2.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeff Horing sold 54,876 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the completion of the transaction, the director now owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This trade represents a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,864 shares of company stock worth $4,215,221. Corporate insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of hedge funds have recently modified their holdings of the business. Fifth Third Bancorp acquired a new position in shares of nCino in the fourth quarter worth approximately $34,000. Hilltop National Bank bought a new position in nCino during the 4th quarter worth approximately $37,000. Johnson Financial Group Inc. acquired a new position in shares of nCino in the 4th quarter worth approximately $57,000. Asset Management One Co. Ltd. boosted its stake in shares of nCino by 16.5% in 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 last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of nCino by 32.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $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.