Barclays Lowers nCino (NASDAQ:NCNO) Price Target to $24.00

nCino (NASDAQ:NCNO) had its price objective reduced by research analysts at Barclays from $44.00 to $24.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 14.21% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Scotiabank reiterated a “sector perform” rating and issued a $19.00 price target (down previously from $35.00) on shares of nCino in a report on Wednesday. Truist Financial cut shares of nCino from a “buy” rating to a “hold” rating and dropped their target price for the company from $44.00 to $21.00 in a report on Wednesday. Macquarie boosted their price target on nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. UBS Group initiated coverage on nCino in a research note on Monday, December 16th. They issued a “buy” rating and a $44.00 price objective for the company. Finally, Robert W. Baird decreased their target price on nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, nCino has an average rating of “Hold” and an average price target of $32.07.

nCino Stock Performance

NCNO traded down $7.11 during trading on Wednesday, reaching $21.01. The company’s stock had a trading volume of 8,202,639 shares, compared to its average volume of 1,241,962. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The company’s fifty day moving average price is $31.22 and its 200-day moving average price is $34.20. nCino has a 52-week low of $18.12 and a 52-week high of $43.20. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -123.05, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). The business had revenue of $141.37 million during 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 firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 earnings per share. On average, equities analysts forecast that nCino will post 0.12 earnings per share for the current fiscal year.

nCino declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 1st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Asset Management One Co. Ltd. increased its position in nCino by 16.5% during 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 shares of nCino by 2.9% during 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 last quarter. Berry Wealth Group LP raised its position in shares of nCino by 5.1% in 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 period. Handelsbanken Fonder AB raised its position in shares of nCino by 2.2% in 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 grew its position in nCino by 1.2% during the fourth quarter. Sterling Capital Management LLC now owns 48,945 shares of the company’s stock valued at $1,644,000 after acquiring an additional 583 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.