Citizens Jmp Issues Pessimistic Forecast for nCino (NASDAQ:NCNO) Stock Price

Key Points

• Citizens JMP cut its price target on nCino from $32 to $23, while keeping a “market outperform” rating. The new target still implies about 50% upside from the prior close.
• Analysts remain mixed but generally positive on the stock: the consensus rating is “Moderate Buy,” with an average price target of $25.27. Several firms recently lowered targets, though some maintained bullish ratings.
• nCino recently beat earnings expectations, reporting $0.37 EPS versus $0.21 expected and revenue of $149.67 million, up 5.9% year over year. Despite the earnings beat, insider selling and the stock’s weak price performance have kept attention on the name.

nCino (NASDAQ:NCNO - Get Free Report) had its price objective dropped by equities research analysts at Citizens Jmp from $32.00 to $23.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. Citizens Jmp's target price would indicate a potential upside of 50.22% from the company's previous close.

A number of other research analysts have also issued reports on the company. Morgan Stanley dropped their target price on nCino from $36.00 to $21.00 and set an "overweight" rating on the stock in a report on Monday, March 30th. JPMorgan Chase & Co. lowered their price objective on shares of nCino from $30.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 18th. Keefe, Bruyette & Woods dropped their price objective on shares of nCino from $36.00 to $24.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. Piper Sandler upgraded shares of nCino from a "neutral" rating to an "overweight" rating and cut their price objective for the stock from $30.00 to $22.00 in a research report on Wednesday, April 1st. Finally, Robert W. Baird lowered their target price on shares of nCino from $34.00 to $24.00 and set an "outperform" rating on the stock in a report on Tuesday, March 31st. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $25.27.

nCino Price Performance

Shares of NASDAQ:NCNO opened at $15.31 on Monday. nCino has a one year low of $13.80 and a one year high of $33.92. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 306.82 and a beta of 0.72. The company has a 50-day simple moving average of $16.56 and a 200-day simple moving average of $20.71. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.00.

nCino (NASDAQ:NCNO - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.16. The firm had revenue of $149.67 million for the quarter, compared to analysts' expectations of $147.41 million. nCino had a return on equity of 4.75% and a net margin of 0.87%.The firm's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS. On average, analysts predict that nCino will post 0.52 EPS for the current year.

Insider Transactions at nCino

In other nCino news, insider April Rieger sold 9,693 shares of nCino stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $174,667.86. Following the completion of the transaction, the insider owned 383,601 shares in the company, valued at approximately $6,912,490.02. The trade was a 2.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sean Desmond sold 22,073 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $397,755.46. Following the completion of the sale, the chief executive officer directly owned 1,271,016 shares in the company, valued at $22,903,708.32. This trade represents a 1.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 164,918 shares of company stock worth $2,900,939. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On nCino

A number of institutional investors and hedge funds have recently bought and sold shares of NCNO. American Capital Management Inc. grew its holdings in nCino by 17.1% during the 1st quarter. American Capital Management Inc. now owns 2,375,396 shares of the company's stock valued at $35,583,000 after buying an additional 347,587 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of nCino by 8.5% in the first quarter. The Manufacturers Life Insurance Company now owns 23,973 shares of the company's stock valued at $359,000 after acquiring an additional 1,870 shares in the last quarter. Hawk Ridge Capital Management LP lifted its position in shares of nCino by 625.4% in the first quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company's stock valued at $67,138,000 after acquiring an additional 3,864,010 shares in the last quarter. Quantinno Capital Management LP increased its position in nCino by 208.4% during the 1st quarter. Quantinno Capital Management LP now owns 308,294 shares of the company's stock worth $4,618,000 after purchasing an additional 208,336 shares in the last quarter. Finally, Entropy Technologies LP increased its position in nCino by 13.7% during the 1st quarter. Entropy Technologies LP now owns 18,720 shares of the company's stock worth $280,000 after purchasing an additional 2,255 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

nCino Company Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.