nCino (NASDAQ:NCNO) Given New $24.00 Price Target at Barclays

nCino (NASDAQ:NCNO) had its target price lowered by Barclays from $44.00 to $24.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on NCNO. The Goldman Sachs Group cut nCino from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $42.00 to $24.00 in a research note on Wednesday. Needham & Company LLC reduced their price objective on shares of nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday. UBS Group started coverage on shares of nCino in a research note on Monday, December 16th. They set a “buy” rating and a $44.00 target price for the company. Robert W. Baird lowered 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. Finally, Bank of America lowered nCino from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $31.40.

nCino Stock Down 19.7 %

Shares of NASDAQ:NCNO opened at $22.59 on Wednesday. The firm has a market capitalization of $2.62 billion, a PE ratio of -132.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. nCino has a 1 year low of $18.75 and a 1 year high of $43.20. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The firm’s 50-day moving average is $31.02 and its two-hundred day moving average is $34.12.

nCino (NASDAQ:NCNO) last released its earnings results 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 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 analyst estimates of $140.81 million. During the same quarter last year, the company earned $0.21 earnings per share. nCino’s quarterly revenue was up 14.3% compared to the same quarter last year. Analysts predict that nCino will post 0.12 EPS for the current year.

nCino declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other nCino news, insider April Rieger sold 4,325 shares of the firm’s stock in a transaction 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 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sean Desmond sold 5,034 shares of nCino stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the completion of the transaction, the chief executive officer now owns 306,477 shares in the company, valued at approximately $9,991,150.20. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,877 shares of company stock valued at $2,963,893 in the last ninety days. 28.40% of the stock is currently owned by company insiders.

Institutional Trading of nCino

A number of hedge funds have recently added to or reduced their stakes in NCNO. Wasatch Advisors LP increased its holdings in shares of nCino by 171.9% in the fourth quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock valued at $207,450,000 after purchasing an additional 3,905,802 shares during the period. Invesco Ltd. increased its stake in nCino by 3,006.0% in the 4th 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 purchased a new position in nCino during the 4th quarter worth $81,254,000. Conestoga Capital Advisors LLC acquired a new stake in shares of nCino in the 4th quarter worth $70,256,000. Finally, T. Rowe Price Investment Management Inc. lifted its stake in shares of nCino by 139.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock worth $108,834,000 after acquiring an additional 1,889,283 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

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.