nCino (NASDAQ:NCNO) Given New $23.00 Price Target at Morgan Stanley

nCino (NASDAQ:NCNO) had its price objective reduced by Morgan Stanley from $39.00 to $23.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other analysts have also commented on NCNO. Robert W. Baird cut their price objective on nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, December 5th. Keefe, Bruyette & Woods reduced their price target on shares of nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, March 28th. Truist Financial downgraded shares of nCino from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $44.00 to $21.00 in a report on Wednesday. Scotiabank reaffirmed a “sector perform” rating and set a $19.00 target price (down from $35.00) on shares of nCino in a report on Wednesday. Finally, Stephens reiterated an “equal weight” rating and set a $38.00 price target on shares of nCino in a research note on Thursday, March 20th. Ten equities research 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, the stock has a consensus rating of “Hold” and an average price target of $31.40.

nCino Trading Down 19.7 %

nCino stock opened at $22.59 on Wednesday. nCino has a one year low of $18.75 and a one year high of $43.20. The business’s fifty day moving average is $31.02 and its 200 day moving average is $34.12. 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 stock has a market capitalization of $2.62 billion, a PE ratio of -132.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66.

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

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

Insider Buying and Selling

In other news, insider April Rieger sold 4,325 shares of the business’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 $140,995.00. Following the transaction, the insider now owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeff Horing sold 54,876 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the transaction, the director now directly owns 4,458,591 shares of the company’s stock, valued at $156,050,685. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,877 shares of company stock valued at $2,963,893. Corporate insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. boosted its position in shares of nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after acquiring an additional 323 shares during the last quarter. Victory Capital Management Inc. lifted its position in nCino by 2.9% in the fourth 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 boosted its stake in shares of 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 during the period. Handelsbanken Fonder AB lifted its stake in nCino by 2.2% in the fourth quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company’s stock worth $772,000 after purchasing an additional 500 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its position in shares of 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 buying an additional 583 shares during the period. 94.76% of the stock is owned by institutional investors.

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.