Morgan Stanley Forecasts Strong Price Appreciation for nCino (NASDAQ:NCNO) Stock

nCino (NASDAQ:NCNO - Free Report) had its target price upped by Morgan Stanley from $27.00 to $29.00 in a research note released on Thursday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. Raymond James reduced their price objective on nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods lowered their price target on nCino from $40.00 to $28.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. William Blair cut shares of nCino from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Barclays restated an "overweight" rating and issued a $31.00 target price (up from $24.00) on shares of nCino in a report on Thursday. Finally, Bank of America increased their price target on shares of nCino from $22.00 to $26.00 and gave the stock a "neutral" rating in a research note on Thursday, April 10th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, nCino has a consensus rating of "Hold" and an average target price of $30.80.

nCino Trading Down 0.4%

nCino stock traded down $0.11 during mid-day trading on Thursday, hitting $26.19. The company's stock had a trading volume of 1,827,724 shares, compared to its average volume of 1,879,238. nCino has a 1 year low of $18.75 and a 1 year high of $43.20. The stock's fifty day moving average is $24.41 and its two-hundred day moving average is $30.70. The firm has a market capitalization of $3.02 billion, a PE ratio of -154.05, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO - Get Free Report) last announced its earnings results 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). 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 analysts' expectations of $140.81 million. During the same period in the previous year, the company earned $0.21 earnings per share. nCino's quarterly revenue was up 14.3% on a year-over-year basis. On average, analysts anticipate that nCino will post 0.12 EPS for the current year.

nCino announced that its board has authorized a share 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 buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at nCino

In other nCino news, CFO Gregory Orenstein sold 12,101 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $252,426.86. Following the completion of the sale, the chief financial officer now owns 259,643 shares in the company, valued at approximately $5,416,152.98. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sean Desmond sold 7,880 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,376.80. Following the completion of the transaction, the chief executive officer now owns 298,597 shares of the company's stock, valued at $6,228,733.42. This trade represents a 2.57% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 141,060 shares of company stock valued at $3,101,115. Corporate insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On nCino

A number of hedge funds and other institutional investors have recently made changes to their positions in NCNO. Fifth Third Bancorp acquired a new position in shares of nCino during the 4th quarter worth about $34,000. Johnson Financial Group Inc. acquired a new position in nCino in the 4th quarter valued at $57,000. Asset Management One Co. Ltd. raised its stake in nCino by 16.5% in 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 boosted its position in shares of nCino by 27.6% during the 1st 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. boosted 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 valued at $80,000 after purchasing an additional 538 shares in the last quarter. 94.76% of the stock is owned by institutional investors.

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.