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

nCino (NASDAQ:NCNO) had its price objective decreased by equities researchers at Needham & Company LLC from $45.00 to $28.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 28.97% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Robert W. Baird reduced their price objective on nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, December 5th. Raymond James reduced their price target on nCino from $44.00 to $42.00 and set an “outperform” rating for the company in a report on Tuesday, March 25th. Scotiabank dropped their price objective on nCino from $42.00 to $35.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 27th. Piper Sandler reaffirmed a “neutral” rating and set a $38.00 price objective on shares of nCino in a research report on Thursday, December 5th. Finally, Macquarie boosted their target price on shares of nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $30.33.

nCino Trading Down 3.9 %

Shares of NCNO opened at $21.71 on Wednesday. The business’s 50-day moving average price is $30.80 and its 200 day moving average price is $34.03. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $2.51 billion, a P/E ratio of -127.70, a P/E/G ratio of 5.77 and a beta of 0.69. nCino has a 1-year low of $18.75 and a 1-year high of $43.20.

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 the consensus estimate of $0.18 by ($0.06). The company had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.21 EPS. Analysts expect that nCino will post 0.12 earnings per share for the current year.

nCino announced that its board has initiated a share buyback plan on Tuesday, April 1st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at nCino

In other news, insider April Rieger sold 4,325 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the completion of the transaction, the insider now directly owns 145,953 shares in the company, valued at $4,758,067.80. The trade was a 2.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sean Desmond sold 5,034 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $164,108.40. Following the completion of the sale, the chief executive officer now owns 306,477 shares in the company, valued at approximately $9,991,150.20. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock worth $2,963,893 over the last ninety days. Company insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

Hedge funds have recently bought and sold shares of the stock. Wasatch Advisors LP increased its holdings in shares of nCino by 171.9% during the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock worth $207,450,000 after purchasing an additional 3,905,802 shares during the period. Invesco Ltd. lifted its stake in shares of nCino by 3,006.0% in the fourth quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock valued at $87,392,000 after buying an additional 2,518,707 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in nCino during the fourth quarter worth about $81,254,000. Conestoga Capital Advisors LLC bought a new position in nCino during the fourth quarter valued at about $70,256,000. Finally, T. Rowe Price Investment Management Inc. increased its stake in nCino by 139.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock valued at $108,834,000 after acquiring an additional 1,889,283 shares during the period. 94.76% of the stock is owned by institutional investors.

nCino Company Profile

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.