Robert W. Baird Cuts nCino (NASDAQ:NCNO) Price Target to $24.00

Key Points

• Robert W. Baird cut its price target on nCino from $34 to $24 but kept an "outperform" rating, with the new $24 target implying roughly a 66% upside from the current share price.
• Several other analysts have also trimmed targets (e.g., Truist, Piper Sandler, Barclays, Morgan Stanley), and MarketBeat shows a consensus of Moderate Buy with an average target of $29.47.
• nCino’s board authorized a $100 million share buyback (up to 3.7% of shares); insiders have sold roughly 69,803 shares (~$1.35M) in the last three months, and the stock trades near $14.42 with a $1.65B market cap.

nCino (NASDAQ:NCNO - Get Free Report) had its target price lowered by Robert W. Baird from $34.00 to $24.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price objective suggests a potential upside of 66.44% from the company's current price.

Several other research firms have also recently commented on NCNO. Truist Financial cut their price target on nCino from $32.00 to $27.00 and set a "hold" rating for the company in a research note on Thursday, December 4th. Piper Sandler dropped their price objective on shares of nCino from $34.00 to $30.00 and set a "neutral" rating on the stock in a research note on Thursday, December 4th. Barclays cut their price objective on shares of nCino from $34.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday, March 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of nCino in a report on Thursday, January 22nd. Finally, Morgan Stanley dropped their price target on shares of nCino from $36.00 to $21.00 and set an "overweight" rating on the stock in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $29.47.

nCino Stock Up 2.9%

nCino stock opened at $14.42 on Tuesday. The stock has a 50 day moving average of $17.48 and a two-hundred day moving average of $22.91. nCino has a twelve month low of $13.80 and a twelve month high of $33.92. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -80.11, a PEG ratio of 2.76 and a beta of 0.60. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.24.

nCino declared that its Board of Directors has authorized a share buyback program on Monday, December 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at nCino

In other news, SVP Jeanette Sellers sold 2,182 shares of the company's stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $18.26, for a total transaction of $39,843.32. Following the transaction, the senior vice president directly owned 43,219 shares of the company's stock, valued at $789,178.94. This represents a 4.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider April Rieger sold 8,078 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total transaction of $150,897.04. Following the completion of the transaction, the insider owned 221,696 shares of the company's stock, valued at $4,141,281.28. This represents a 3.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 69,803 shares of company stock valued at $1,345,743 in the last three months. Insiders own 5.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its position in shares of nCino by 186.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 948 shares of the company's stock valued at $26,000 after acquiring an additional 617 shares during the period. CWM LLC grew its holdings in shares of nCino by 255.8% in the 4th quarter. CWM LLC now owns 1,142 shares of the company's stock worth $29,000 after acquiring an additional 821 shares during the period. Advisors Asset Management Inc. increased its stake in nCino by 68.5% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,127 shares of the company's stock valued at $32,000 after purchasing an additional 458 shares in the last quarter. AlphaQuest LLC increased its stake in nCino by 5,022.2% in the 3rd quarter. AlphaQuest LLC now owns 1,383 shares of the company's stock valued at $37,000 after purchasing an additional 1,356 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in nCino during the fourth quarter worth $38,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

nCino Company Profile

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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