Morgan Stanley Raises nCino (NASDAQ:NCNO) Price Target to $27.00

nCino (NASDAQ:NCNO - Get Free Report) had its target price boosted by analysts at Morgan Stanley from $23.00 to $27.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price objective would suggest a potential upside of 0.23% from the company's current price.

Other research analysts have also issued research reports about the company. Barclays reduced their price target on nCino from $44.00 to $24.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Scotiabank restated a "sector perform" rating and issued a $26.00 price target (up previously from $19.00) on shares of nCino in a report on Wednesday, May 21st. Needham & Company LLC increased their price objective on shares of nCino from $28.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. The Goldman Sachs Group downgraded shares of nCino from a "buy" rating to a "neutral" rating and lowered their target price for the company from $42.00 to $24.00 in a report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods dropped their price target on shares of nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $30.07.

nCino Price Performance

Shares of NCNO traded down $0.04 during trading hours on Friday, reaching $26.94. 1,754,695 shares of the company traded hands, compared to its average volume of 1,500,712. The stock has a market capitalization of $3.10 billion, a PE ratio of -158.47, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71. The stock has a fifty day simple moving average of $24.55 and a 200 day simple moving average of $31.09. nCino has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO - Get Free Report) last released its 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 firm 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%. nCino's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the company posted $0.21 earnings per share. As a group, research analysts predict that nCino will post 0.12 EPS for the current fiscal year.

nCino announced that its Board of Directors has authorized a share 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 often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at nCino

In related news, VP Jeanette Sellers sold 2,167 shares of nCino stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $22.79, for a total value of $49,385.93. Following the completion of the transaction, the vice president now directly owns 27,108 shares in the company, valued at approximately $617,791.32. This trade represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider April Rieger sold 7,881 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total value of $164,397.66. Following the transaction, the insider now directly owns 138,072 shares in the company, valued at approximately $2,880,181.92. This represents a 5.40% 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 in the last 90 days. 5.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Fifth Third Bancorp purchased a new position in shares of nCino in the fourth quarter worth approximately $34,000. Johnson Financial Group Inc. bought a new position in nCino during the fourth quarter valued at about $57,000. Covestor Ltd raised its stake in shares of nCino by 27.6% in the first quarter. Covestor Ltd now owns 2,388 shares of the company's stock valued at $66,000 after purchasing an additional 517 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in shares of nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock valued at $78,000 after buying an additional 323 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its position in nCino by 22.5% in the first quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company's stock worth $80,000 after purchasing an additional 538 shares in the last quarter. 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.