Needham & Company LLC Issues Positive Forecast for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO - Free Report) had its target price hoisted by Needham & Company LLC from $28.00 to $33.00 in a research report report published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

NCNO has been the subject of a number of other research reports. The Goldman Sachs Group lowered nCino from a "buy" rating to a "neutral" rating and decreased their price target for the company from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their price target on nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Piper Sandler decreased their price objective on nCino from $28.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Stephens raised their price objective on nCino from $24.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 21st. Finally, UBS Group set a $40.00 price objective on nCino in a research report on Friday, March 28th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $30.07.

nCino Price Performance

NASDAQ:NCNO traded up $0.92 during mid-day trading on Thursday, reaching $27.18. 633,516 shares of the stock were exchanged, compared to its average volume of 1,492,477. The business has a fifty day moving average price of $24.58 and a 200 day moving average price of $31.12. The firm has a market capitalization of $3.13 billion, a PE ratio of -159.66, a PEG ratio of 5.77 and a beta of 0.71. nCino has a 1-year low of $18.75 and a 1-year high of $43.20. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO - Get Free Report) last released its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The company had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same quarter last year, the business earned $0.21 EPS. The company's revenue for the quarter was up 14.3% compared to the same quarter last year. Research analysts expect that nCino will post 0.12 earnings per share for the current fiscal year.

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

Insider Activity

In other news, CFO Gregory Orenstein sold 12,101 shares of nCino stock in a transaction dated Wednesday, April 2nd. The stock was 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 directly owns 259,643 shares in the company, valued at $5,416,152.98. The trade was a 4.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider April Rieger sold 7,881 shares of nCino stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $164,397.66. Following the completion of 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 three months. 5.70% of the stock is owned by insiders.

Hedge Funds Weigh In On nCino

A number of institutional investors have recently modified their holdings of NCNO. Barclays PLC raised its position in shares of nCino by 22.2% in the third quarter. Barclays PLC now owns 73,014 shares of the company's stock valued at $2,306,000 after purchasing an additional 13,252 shares during the period. Janney Montgomery Scott LLC raised its position in shares of nCino by 12.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 9,865 shares of the company's stock valued at $331,000 after purchasing an additional 1,072 shares during the period. Cottonwood Capital Advisors LLC bought a new position in shares of nCino in the fourth quarter valued at approximately $218,000. Fifth Third Bancorp bought a new position in shares of nCino in the fourth quarter valued at approximately $34,000. Finally, KBC Group NV grew its stake in shares of nCino by 3,082.1% in the fourth quarter. KBC Group NV now owns 75,988 shares of the company's stock worth $2,552,000 after acquiring an additional 73,600 shares during 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.