nCino (NASDAQ:NCNO) Price Target Raised to $17.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on nCino to $17 from $16 while keeping a neutral rating, implying about 15.9% upside from the previous close.
• Analyst sentiment remains mixed, but the broader view is still Moderate Buy with an average target price of $25.29; several firms recently changed ratings or cut price targets.
• nCino reported quarterly earnings of $0.37 per share, beating estimates, and revenue of $149.67 million, up 5.9% year over year.

nCino (NASDAQ:NCNO - Get Free Report) had its price target lifted by research analysts at JPMorgan Chase & Co. from $16.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 15.88% from the company's previous close.

Several other analysts also recently issued reports on the company. Robert W. Baird reduced their price objective on nCino from $34.00 to $24.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 31st. Zacks Research upgraded shares of nCino from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 31st. Wall Street Zen upgraded shares of nCino from a "hold" rating to a "buy" rating in a report on Saturday, April 4th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of nCino in a research report on Thursday, May 28th. Finally, Morgan Stanley lowered their price objective on nCino from $36.00 to $21.00 and set an "overweight" rating for the company in a research report on Monday, March 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, nCino presently has a consensus rating of "Moderate Buy" and an average target price of $25.29.

nCino Price Performance

Shares of NASDAQ NCNO opened at $14.67 on Monday. The stock's 50-day simple moving average is $16.39 and its 200-day simple moving average is $18.97. The firm has a market capitalization of $1.61 billion, a PE ratio of 123.30 and a beta of 0.69. nCino has a fifty-two week low of $13.80 and a fifty-two week high of $33.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.16. nCino had a return on equity of 6.85% and a net margin of 2.17%.The company had revenue of $149.67 million for the quarter, compared to analyst estimates of $147.41 million. During the same quarter in the previous year, the company earned $0.12 EPS. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, equities research analysts forecast that nCino will post 0.68 EPS for the current fiscal year.

Insider Activity at nCino

In related news, insider April Rieger sold 9,693 shares of nCino stock in a transaction on Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $174,667.86. Following the completion of the sale, the insider owned 383,601 shares in the company, valued at approximately $6,912,490.02. The trade was a 2.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jeanette Sellers sold 3,695 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $18.04, for a total transaction of $66,657.80. Following the transaction, the senior vice president directly owned 50,876 shares in the company, valued at $917,803.04. The trade was a 6.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 172,982 shares of company stock worth $3,032,059 over the last ninety days. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On nCino

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in nCino by 1.7% during the third quarter. Vanguard Group Inc. now owns 11,924,703 shares of the company's stock worth $323,279,000 after acquiring an additional 201,499 shares during the period. Cramer Rosenthal Mcglynn LLC increased its holdings in shares of nCino by 19.8% during the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 375,310 shares of the company's stock worth $10,175,000 after purchasing an additional 62,142 shares during the period. Algebris UK Ltd. raised its position in shares of nCino by 266.2% during the fourth quarter. Algebris UK Ltd. now owns 1,032,782 shares of the company's stock valued at $26,493,000 after buying an additional 750,744 shares during the last quarter. Shannon River Fund Management LLC lifted its stake in shares of nCino by 27.4% in the third quarter. Shannon River Fund Management LLC now owns 1,578,896 shares of the company's stock valued at $42,804,000 after buying an additional 339,863 shares during the period. Finally, Tremblant Capital Group lifted its stake in shares of nCino by 40.3% in the third quarter. Tremblant Capital Group now owns 661,277 shares of the company's stock valued at $17,927,000 after buying an additional 189,815 shares during the period. Institutional investors and hedge funds own 94.76% of the company's stock.

About nCino

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.

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