nCino (NASDAQ:NCNO) Given New $28.00 Price Target at Needham & Company LLC

nCino (NASDAQ:NCNO) had its target price reduced by analysts at Needham & Company LLC from $45.00 to $28.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential downside of 0.43% from the company’s previous close.

Several other research analysts also recently commented on the company. Keefe, Bruyette & Woods reduced their target price on nCino from $44.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, March 28th. Barclays raised nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price objective on the stock in a research note on Monday, January 6th. UBS Group initiated coverage on nCino in a report on Monday, December 16th. They set a “buy” rating and a $44.00 target price on the stock. Robert W. Baird cut their price target on nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, December 5th. Finally, Piper Sandler reissued a “neutral” rating and set a $38.00 price objective on shares of nCino in a report on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, nCino presently has a consensus rating of “Moderate Buy” and an average price target of $39.43.

nCino Stock Performance

Shares of NASDAQ:NCNO opened at $28.12 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The business’s fifty day moving average price is $31.22 and its two-hundred day moving average price is $34.20. nCino has a fifty-two week low of $18.12 and a fifty-two week high of $43.20. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -165.40, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66.

nCino (NASDAQ:NCNO) last issued its earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). The firm had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 EPS. As a group, analysts predict that nCino will post 0.12 EPS for the current fiscal year.

nCino declared that its board has initiated a stock buyback program on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, insider April Rieger sold 4,325 shares of nCino stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $140,995.00. Following the transaction, the insider now owns 145,953 shares of the company’s stock, valued at $4,758,067.80. This trade represents a 2.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sean Desmond sold 5,034 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the completion of the sale, the chief executive officer now directly owns 306,477 shares of the company’s stock, valued at $9,991,150.20. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,877 shares of company stock valued at $2,963,893 over the last three months. Company insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

Hedge funds have recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. increased its holdings 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 acquiring an additional 323 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of nCino by 2.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,124 shares of the company’s stock valued at $407,000 after purchasing an additional 340 shares during the period. Berry Wealth Group LP increased its stake 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 purchasing an additional 400 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in nCino by 2.2% during the 4th quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company’s stock worth $772,000 after buying an additional 500 shares during the period. Finally, Sterling Capital Management LLC raised its holdings in nCino by 1.2% during the 4th quarter. Sterling Capital Management LLC now owns 48,945 shares of the company’s stock worth $1,644,000 after buying an additional 583 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

About nCino

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.