nCino (NASDAQ:NCNO) Earns Buy Rating from Needham & Company LLC

nCino (NASDAQ:NCNO - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $33.00 price target on the stock. Needham & Company LLC's price objective indicates a potential upside of 25.95% from the company's current price.

Other analysts have also recently issued reports about the company. UBS Group set a $40.00 price target on nCino in a research note on Friday, March 28th. Stephens increased their target price on shares of nCino from $24.00 to $28.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 21st. Raymond James cut their target price on shares of nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Barclays lowered their target price on nCino from $44.00 to $24.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Finally, The Goldman Sachs Group lowered nCino from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $30.80.

nCino Price Performance

NCNO traded down $0.10 during trading on Thursday, hitting $26.20. The company's stock had a trading volume of 759,611 shares, compared to its average volume of 1,512,691. The firm's 50 day moving average price is $24.41 and its two-hundred day moving average price is $30.70. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino has a 12 month low of $18.75 and a 12 month high of $43.20. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -154.02, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71.

nCino (NASDAQ:NCNO - Get Free Report) last released its earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). The firm 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% on a year-over-year basis. During the same period last year, the business posted $0.21 earnings per share. Sell-side analysts forecast that nCino will post 0.12 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In related news, VP Jeanette Sellers sold 2,167 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $22.79, for a total transaction of $49,385.93. Following the transaction, the vice president now directly owns 27,108 shares of the company's stock, valued at $617,791.32. This trade represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sean Desmond sold 7,880 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $164,376.80. Following the completion of the transaction, the chief executive officer now directly owns 298,597 shares of the company's stock, valued at approximately $6,228,733.42. This represents a 2.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,060 shares of company stock worth $3,101,115. Corporate insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On nCino

A number of hedge funds have recently modified their holdings of NCNO. Fifth Third Bancorp bought a new stake in nCino in the 4th quarter valued at about $34,000. Johnson Financial Group Inc. bought a new stake in nCino during the fourth quarter valued at approximately $57,000. Asset Management One Co. Ltd. raised its position in nCino by 16.5% during the fourth 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 in the last quarter. Covestor Ltd raised its stake in shares of nCino by 27.6% during the first quarter. Covestor Ltd now owns 2,388 shares of the company's stock worth $66,000 after acquiring an additional 517 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in shares of nCino by 22.5% in the 1st quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company's stock worth $80,000 after acquiring an additional 538 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

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.