nCino (NASDAQ:NCNO) Price Target Raised to $29.00

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

NCNO has been the subject of several other reports. UBS Group set a $40.00 target price on shares of nCino in a report on Friday, March 28th. KeyCorp reiterated a "sector weight" rating on shares of nCino in a report on Monday, February 3rd. Needham & Company LLC restated a "buy" rating and issued a $33.00 target price on shares of nCino in a report on Thursday. Bank of America boosted their target price on shares of nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, April 10th. Finally, 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. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, nCino has a consensus rating of "Hold" and a consensus target price of $30.80.

nCino Price Performance

Shares of NCNO traded up $0.11 during trading hours on Thursday, reaching $26.44. The company had a trading volume of 2,357,410 shares, compared to its average volume of 1,516,681. The firm has a 50 day simple moving average of $24.41 and a 200-day simple moving average of $30.84. 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 company has a market capitalization of $3.05 billion, a price-to-earnings ratio of -155.52, a PEG ratio of 5.77 and a beta of 0.71. nCino has a 12-month low of $18.75 and a 12-month high of $43.20.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly 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). The company had revenue of $141.37 million during the quarter, compared to analysts' expectations of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 EPS. Research analysts expect that nCino will post 0.12 earnings per share for the current year.

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

Insider Buying and Selling at nCino

In other nCino news, CFO Gregory Orenstein sold 12,101 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $252,426.86. Following the completion of the sale, the chief financial officer now owns 259,643 shares in the company, valued at $5,416,152.98. The trade was a 4.45% 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 12,339 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $283,797.00. Following the transaction, the chief executive officer now owns 637,405 shares of the company's stock, valued at $14,660,315. This represents a 1.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 141,060 shares of company stock worth $3,101,115 over the last 90 days. Insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On nCino

Several institutional investors have recently modified their holdings of NCNO. Barclays PLC grew its position in shares of nCino by 22.2% during the third quarter. Barclays PLC now owns 73,014 shares of the company's stock worth $2,306,000 after acquiring an additional 13,252 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of nCino by 12.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 9,865 shares of the company's stock worth $331,000 after acquiring an additional 1,072 shares during the last quarter. Fifth Third Bancorp acquired a new stake in nCino in the fourth quarter worth about $34,000. KBC Group NV lifted its holdings in nCino by 3,082.1% in the 4th quarter. KBC Group NV now owns 75,988 shares of the company's stock valued at $2,552,000 after acquiring an additional 73,600 shares during the last quarter. Finally, Gagnon Securities LLC acquired a new stake in nCino in the 4th quarter valued at about $4,189,000. Institutional investors own 94.76% of the company's stock.

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.