Morgan Stanley Increases nCino (NASDAQ:NCNO) Price Target to $33.00

nCino (NASDAQ:NCNO - Get Free Report) had its price target lifted by Morgan Stanley from $29.00 to $33.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target points to a potential upside of 7.14% from the stock's current price.

NCNO has been the topic of a number of other reports. Scotiabank reaffirmed a "sector perform" rating and set a $26.00 target price (up from $19.00) on shares of nCino in a research report on Wednesday, May 21st. Needham & Company LLC reaffirmed a "buy" rating and set a $33.00 target price on shares of nCino in a research report on Thursday, May 29th. Raymond James Financial lowered their price objective on nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a report on Wednesday, April 2nd. Bank of America boosted their price objective on nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, April 10th. Finally, UBS Group set a $28.00 price objective on nCino in a report on Thursday, May 29th. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, nCino currently has a consensus rating of "Moderate Buy" and an average target price of $30.94.

nCino Stock Up 0.5%

Shares of NCNO traded up $0.14 during midday trading on Tuesday, reaching $30.80. 1,292,233 shares of the company were exchanged, compared to its average volume of 1,777,314. The stock has a 50-day moving average price of $27.73 and a 200-day moving average price of $28.29. The company has a market cap of $3.57 billion, a price-to-earnings ratio of -118.46, a P/E/G ratio of 30.87 and a beta of 0.77. nCino has a 1-year low of $18.75 and a 1-year high of $43.20. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.24.

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, hitting analysts' consensus estimates of $0.16. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. The business had revenue of $144.14 million for the quarter, compared to analyst estimates of $139.77 million. During the same period in the previous year, the company earned $0.19 earnings per share. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts expect that nCino will post 0.12 earnings per share for the current year.

nCino announced that its board has authorized a share repurchase program on Tuesday, April 1st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at nCino

In other nCino news, CFO Gregory Orenstein sold 10,343 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $237,889.00. Following the completion of the sale, the chief financial officer directly owned 470,254 shares in the company, valued at $10,815,842. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sean Desmond sold 12,339 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $283,797.00. Following the completion of the sale, the chief executive officer owned 637,405 shares of the company's stock, valued at $14,660,315. This trade represents a 1.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,049 shares of company stock valued at $1,449,672 over the last three months. 5.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On nCino

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of nCino by 7.7% in the first quarter. Vanguard Group Inc. now owns 11,666,955 shares of the company's stock valued at $320,491,000 after purchasing an additional 836,182 shares in the last quarter. Wasatch Advisors LP increased its position in nCino by 171.9% during the fourth quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock worth $207,450,000 after buying an additional 3,905,802 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in nCino by 50.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,867,463 shares of the company's stock worth $133,710,000 after buying an additional 1,626,446 shares during the last quarter. Capital International Investors increased its position in nCino by 57.4% during the fourth quarter. Capital International Investors now owns 4,691,204 shares of the company's stock worth $157,531,000 after buying an additional 1,710,893 shares during the last quarter. Finally, Soma Equity Partners LP grew its position in shares of nCino by 5.7% in the fourth quarter. Soma Equity Partners LP now owns 2,917,681 shares of the company's stock valued at $97,976,000 after purchasing an additional 156,238 shares during the last quarter. Institutional investors and hedge funds 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.