nCino (NASDAQ:NCNO) Given New $33.00 Price Target at Morgan Stanley

nCino (NASDAQ:NCNO - Get Free Report) had its target price increased by Morgan Stanley from $29.00 to $33.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price target would suggest a potential upside of 5.87% from the stock's current price.

A number of other equities analysts also recently commented on NCNO. JMP Securities lifted their price objective on nCino from $32.00 to $35.00 and gave the stock a "market outperform" rating in a research report on Monday, June 9th. William Blair cut nCino from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. The Goldman Sachs Group lowered nCino from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $33.00 target price on shares of nCino in a report on Thursday, May 29th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $28.00 price objective (up previously from $25.00) on shares of nCino in a report on Thursday, May 29th. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, nCino has an average rating of "Moderate Buy" and an average target price of $30.94.

nCino Trading Up 1.1%

nCino stock traded up $0.34 during mid-day trading on Tuesday, hitting $31.17. The company's stock had a trading volume of 716,157 shares, compared to its average volume of 1,564,156. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.05 and a current ratio of 1.05. The company has a 50 day moving average of $27.20 and a 200-day moving average of $28.30. nCino has a one year low of $18.75 and a one year high of $43.20. The stock has a market cap of $3.61 billion, a PE ratio of -119.82, a P/E/G ratio of 31.46 and a beta of 0.77.

nCino (NASDAQ:NCNO - Get Free Report) last announced its earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $144.14 million for the quarter, compared to analysts' expectations of $139.77 million. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 EPS. On average, research analysts anticipate that nCino will post 0.12 EPS for the current year.

nCino announced that its board has initiated a share repurchase plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Insider Activity

In related news, CFO Gregory Orenstein sold 10,343 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $237,889.00. Following the sale, the chief financial officer owned 470,254 shares in the company, valued at approximately $10,815,842. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Pierre Naude sold 30,745 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total value of $707,135.00. Following the completion of the transaction, the director owned 1,197,120 shares of the company's stock, valued at $27,533,760. The trade was a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,049 shares of company stock worth $1,449,672 in the last quarter. 5.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On nCino

Several institutional investors and hedge funds have recently modified their holdings of the stock. Northern Trust Corp raised its holdings in nCino by 14.1% in the fourth quarter. Northern Trust Corp now owns 612,902 shares of the company's stock valued at $20,581,000 after acquiring an additional 75,592 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of nCino in the 1st quarter valued at about $343,000. Peregrine Capital Management LLC grew its stake in nCino by 3.3% in the first quarter. Peregrine Capital Management LLC now owns 289,168 shares of the company's stock worth $7,943,000 after purchasing an additional 9,283 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in nCino during the fourth quarter valued at approximately $153,000. Finally, Xponance Inc. grew its position in shares of nCino by 7.9% in the 1st quarter. Xponance Inc. now owns 8,954 shares of the company's stock worth $246,000 after acquiring an additional 656 shares in the last quarter. Hedge funds and other 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.

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