Raymond James Issues Pessimistic Forecast for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its price objective decreased by equities researchers at Raymond James from $42.00 to $32.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ price objective would suggest a potential upside of 47.23% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Scotiabank reaffirmed a “sector perform” rating and issued a $19.00 price objective (down previously from $35.00) on shares of nCino in a research report on Wednesday. Stephens reaffirmed an “equal weight” rating and set a $38.00 price target on shares of nCino in a research report on Wednesday. Macquarie increased their price objective on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Piper Sandler dropped their target price on nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group cut 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 note on Wednesday. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.40.

nCino Stock Down 22.7 %

Shares of NCNO stock traded down $6.39 on Wednesday, hitting $21.74. The stock had a trading volume of 11,646,362 shares, compared to its average volume of 1,253,583. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino has a one year low of $18.12 and a one year high of $43.20. The business has a 50 day moving average price of $31.22 and a 200 day moving average price of $34.20. The company has a market cap of $2.52 billion, a PE ratio of -128.18, a P/E/G ratio of 5.77 and a beta of 0.66.

nCino (NASDAQ:NCNO) last issued its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.06). The business had revenue of $141.37 million for the quarter, compared to analysts’ expectations of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. Research analysts anticipate that nCino will post 0.12 earnings per share for the current fiscal year.

nCino announced that its Board of Directors has initiated a share buyback program on Tuesday, April 1st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Jeff Horing sold 54,876 shares of nCino stock in a transaction on Monday, January 6th. The stock was sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the sale, the director now directly owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. The trade was a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sean Desmond sold 5,034 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $164,108.40. Following the transaction, the chief executive officer now directly owns 306,477 shares in the company, valued at approximately $9,991,150.20. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,877 shares of company stock valued at $2,963,893. 28.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On nCino

A number of hedge funds have recently added to or reduced their stakes in NCNO. Franklin Resources Inc. increased its holdings in nCino by 46.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company’s stock worth $38,327,000 after purchasing an additional 344,269 shares during the period. Thrivent Financial for Lutherans purchased a new stake in shares of nCino in the 3rd quarter valued at approximately $689,000. Verition Fund Management LLC acquired a new stake in shares of nCino in the 3rd quarter valued at $594,000. Charles Schwab Investment Management Inc. lifted its position in shares of nCino by 51.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock worth $17,588,000 after purchasing an additional 189,283 shares during the last quarter. Finally, Bullseye Asset Management LLC increased its holdings in nCino by 58.5% in the third quarter. Bullseye Asset Management LLC now owns 140,878 shares of the company’s stock valued at $4,451,000 after buying an additional 52,000 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.