Needham & Company LLC Issues Pessimistic Forecast for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its price objective trimmed by Needham & Company LLC from $45.00 to $28.00 in a research note released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the company. Macquarie lifted their price objective on nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Raymond James decreased their price target on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Scotiabank dropped their price objective on shares of nCino from $42.00 to $35.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 27th. Robert W. Baird decreased their target price on shares of nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, December 5th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $38.00 price target on shares of nCino in a report on Thursday, December 5th. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $31.40.

nCino Price Performance

NCNO stock opened at $22.59 on Wednesday. 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 $31.02 and its 200-day moving average price is $34.12. nCino has a one year low of $18.75 and a one year high of $43.20. The company 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 the consensus estimate 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 analysts’ expectations of $140.81 million. During the same quarter in the previous year, the firm earned $0.21 EPS. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, equities analysts anticipate that nCino will post 0.12 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, insider April Rieger sold 4,325 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was 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 in the company, valued at $4,758,067.80. This trade represents a 2.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Gregory Orenstein sold 5,148 shares of nCino stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $167,824.80. Following the sale, the chief financial officer now directly owns 271,744 shares of the company’s stock, valued at $8,858,854.40. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock worth $2,963,893 in the last 90 days. Insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

A number of hedge funds and other institutional investors have recently made changes to their positions in NCNO. Fifth Third Bancorp purchased a new stake in nCino in the fourth quarter valued at $34,000. Hilltop National Bank purchased a new stake in shares of nCino in the fourth quarter worth about $37,000. Johnson Financial Group Inc. purchased a new stake in shares of nCino in the fourth quarter worth about $57,000. Asset Management One Co. Ltd. grew its holdings 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 acquiring an additional 323 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in nCino by 32.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after acquiring an additional 1,122 shares in 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.