Needham & Company LLC Forecasts Strong Price Appreciation for nCino (NASDAQ:NCNO) Stock

nCino (NASDAQ:NCNO - Get Free Report) had its price objective increased by investment analysts at Needham & Company LLC from $28.00 to $33.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 29.51% from the stock's previous close.

NCNO has been the topic of several other research reports. The Goldman Sachs Group lowered nCino from a "buy" rating to a "neutral" rating and cut their price target for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. William Blair cut shares of nCino from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Truist Financial lowered shares of nCino from a "buy" rating to a "hold" rating and reduced their price target for the company from $44.00 to $21.00 in a report on Wednesday, April 2nd. Barclays lowered their price target on shares of nCino from $44.00 to $24.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. Finally, UBS Group set a $40.00 price objective on shares of nCino in a report on Friday, March 28th. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $30.53.

nCino Trading Down 1.3%

NCNO stock opened at $25.48 on Thursday. nCino has a 12 month low of $18.75 and a 12 month high of $43.20. The firm's 50-day moving average is $24.72 and its 200 day moving average is $31.52. The company has a market capitalization of $2.94 billion, a PE ratio of -149.87, a P/E/G ratio of 5.77 and a beta of 0.71. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95.

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

nCino declared that its Board of Directors has authorized a stock buyback program on Tuesday, April 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at nCino

In related news, Director Pierre Naude sold 31,123 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total value of $649,225.78. Following the transaction, the director now directly owns 1,066,090 shares of the company's stock, valued at $22,238,637.40. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gregory Orenstein sold 12,101 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total value of $252,426.86. Following the completion of the transaction, the chief financial officer now owns 259,643 shares of the company's stock, valued at $5,416,152.98. This trade represents a 4.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 141,060 shares of company stock valued at $3,101,115 in the last ninety days. Corporate insiders own 28.40% of the company's stock.

Institutional Trading of nCino

Several large investors have recently added to or reduced their stakes in NCNO. Asset Management One Co. Ltd. raised its stake in shares of nCino by 16.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock worth $78,000 after purchasing an additional 323 shares during the last quarter. Victory Capital Management Inc. increased its holdings in nCino by 2.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock worth $407,000 after buying an additional 340 shares during the period. Berry Wealth Group LP raised its position in nCino by 5.1% during the 4th quarter. Berry Wealth Group LP now owns 8,207 shares of the company's stock worth $276,000 after buying an additional 400 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in nCino by 2.2% during the 4th quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company's stock valued at $772,000 after acquiring an additional 500 shares during the period. Finally, Covestor Ltd lifted its stake in nCino by 27.6% during the 1st quarter. Covestor Ltd now owns 2,388 shares of the company's stock valued at $66,000 after acquiring an additional 517 shares during the period. 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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