Needham & Company LLC Reiterates "Buy" Rating for nCino (NASDAQ:NCNO)

Key Points

• Needham & Company LLC reiterated a “Buy” rating on nCino and kept a $25 price target, implying about 64.6% upside from the prior close.
• Recent analyst opinions remain mixed, but the consensus is still “Moderate Buy” with an average price target of $25.21; several firms have recently cut targets or held neutral ratings.
• nCino reported better-than-expected quarterly results, including EPS of $0.37 versus the $0.21 estimate and revenue of $149.67 million, while shares were down slightly on the day and insiders recently sold stock.

nCino (NASDAQ:NCNO - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $25.00 target price on the stock. Needham & Company LLC's price target would indicate a potential upside of 64.58% from the stock's previous close.

Other equities research analysts have also issued reports about the company. Truist Financial reduced their price objective on nCino from $27.00 to $19.00 and set a "hold" rating for the company in a research note on Wednesday, April 1st. Wall Street Zen raised nCino from a "hold" rating to a "buy" rating in a research report on Saturday, April 4th. Stephens decreased their target price on nCino from $34.00 to $26.00 and set an "overweight" rating for the company in a research report on Wednesday, April 1st. JPMorgan Chase & Co. decreased their target price on nCino from $30.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, February 18th. Finally, Zacks Research raised nCino from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, nCino currently has an average rating of "Moderate Buy" and an average price target of $25.21.

nCino Stock Down 0.3%

NCNO opened at $15.19 on Thursday. nCino has a one year low of $13.80 and a one year high of $33.92. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.00. The stock's fifty day moving average is $16.49 and its 200-day moving average is $20.11. The company has a market capitalization of $1.65 billion, a PE ratio of 303.80 and a beta of 0.72.

nCino (NASDAQ:NCNO - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.21 by $0.16. The company had revenue of $149.67 million for the quarter, compared to the consensus estimate of $147.41 million. nCino had a return on equity of 4.75% and a net margin of 0.87%.The company's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 EPS. On average, equities analysts predict that nCino will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at nCino

In related news, CEO Sean Desmond sold 16,589 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $18.04, for a total transaction of $299,265.56. Following the completion of the sale, the chief executive officer directly owned 1,262,492 shares in the company, valued at approximately $22,775,355.68. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gregory Orenstein sold 14,650 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $263,993.00. Following the sale, the chief financial officer owned 702,293 shares of the company's stock, valued at approximately $12,655,319.86. This represents a 2.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 164,918 shares of company stock valued at $2,900,939 in the last quarter. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On nCino

Several institutional investors have recently bought and sold shares of NCNO. Hawk Ridge Capital Management LP raised its holdings in nCino by 625.4% during the first quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company's stock valued at $67,138,000 after buying an additional 3,864,010 shares in the last quarter. Bank of America Corp DE raised its holdings in nCino by 475.1% during the third quarter. Bank of America Corp DE now owns 2,513,686 shares of the company's stock valued at $68,146,000 after buying an additional 2,076,579 shares in the last quarter. Millennium Management LLC raised its holdings in nCino by 262.8% during the fourth quarter. Millennium Management LLC now owns 2,341,532 shares of the company's stock valued at $60,037,000 after buying an additional 1,696,051 shares in the last quarter. Senvest Management LLC raised its holdings in nCino by 68.6% during the fourth quarter. Senvest Management LLC now owns 4,078,276 shares of the company's stock valued at $104,567,000 after buying an additional 1,658,868 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in nCino during the third quarter valued at about $36,962,000. 94.76% of the stock is currently owned by institutional investors.

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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