Keefe, Bruyette & Woods Lowers nCino (NASDAQ:NCNO) Price Target to $28.00

nCino (NASDAQ:NCNO) had its price target dropped by equities researchers at Keefe, Bruyette & Woods from $40.00 to $28.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 23.95% from the stock’s previous close.

A number of other brokerages have also issued reports on NCNO. Needham & Company LLC reduced their target price on shares of nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday. Scotiabank restated a “sector perform” rating and set a $19.00 target price (down previously from $35.00) on shares of nCino in a research report on Wednesday. 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 report on Wednesday. William Blair lowered shares of nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Finally, UBS Group set a $40.00 price objective on shares of nCino in a report on Friday, March 28th. Ten investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $30.33.

nCino Stock Down 19.7 %

Shares of NASDAQ NCNO opened at $22.59 on Thursday. nCino has a 52-week low of $18.75 and a 52-week high of $43.20. 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 business has a fifty day moving average of $31.02 and a two-hundred day moving average of $34.12. The stock has a market cap of $2.62 billion, a PE ratio of -132.87, a PEG 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.06). The firm had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.21 earnings per share. As a group, equities research analysts expect that nCino will post 0.12 earnings per share for the current fiscal year.

nCino declared that its board has authorized a stock buyback plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically 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 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 $140,995.00. Following the completion of the transaction, the insider now directly owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. This represents a 2.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sean Desmond sold 5,034 shares of nCino stock in a transaction dated 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 sale, the chief executive officer now directly owns 306,477 shares in the company, valued at $9,991,150.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,877 shares of company stock worth $2,963,893 over the last ninety days. Company insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of large investors have recently bought and sold shares of the company. Asset Management One Co. Ltd. raised 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 valued at $78,000 after purchasing an additional 323 shares during the last quarter. Victory Capital Management Inc. grew 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 valued at $407,000 after purchasing an additional 340 shares in the last quarter. Berry Wealth Group LP increased its stake in nCino by 5.1% in the 4th quarter. Berry Wealth Group LP now owns 8,207 shares of the company’s stock valued at $276,000 after buying an additional 400 shares during the last quarter. Handelsbanken Fonder AB lifted its position 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 in the last quarter. Finally, Sterling Capital Management LLC boosted its stake in shares of 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 last quarter. 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.