nCino (NASDAQ:NCNO) Given New $26.00 Price Target at Scotiabank

nCino (NASDAQ:NCNO) had its price objective upped by Scotiabank from $19.00 to $26.00 in a report published on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the stock.

NCNO has been the topic of several other research reports. Piper Sandler cut their price target on nCino from $28.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. William Blair cut nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Barclays cut their price objective on nCino from $44.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. Morgan Stanley cut their price objective on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 2nd. Finally, Stephens upped their price objective on nCino from $24.00 to $28.00 and gave the company an “equal weight” rating 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $30.20.

nCino Trading Down 1.3%

NASDAQ:NCNO opened at $25.48 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. nCino has a one year low of $18.75 and a one year high of $43.20. The business’s 50-day simple moving average is $24.72 and its 200 day simple moving average is $31.52. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of -149.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71.

nCino (NASDAQ:NCNO) last released 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 business had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same quarter last year, the firm posted $0.21 EPS. The company’s revenue was up 14.3% compared to the same quarter last year. As a group, sell-side analysts predict that nCino will post 0.12 earnings per share for the current fiscal year.

nCino declared that its board has approved a stock buyback plan on Tuesday, April 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, insider April Rieger sold 6,589 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $151,547.00. Following the completion of the transaction, the insider now directly owns 243,551 shares of the company’s stock, valued at approximately $5,601,673. This represents a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gregory Orenstein sold 12,101 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $252,426.86. Following the transaction, the chief financial officer now directly owns 259,643 shares of the company’s stock, valued at $5,416,152.98. This trade represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 141,060 shares of company stock valued at $3,101,115. 28.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On nCino

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NCNO. Fifth Third Bancorp bought a new position in nCino in the 4th quarter worth approximately $34,000. Johnson Financial Group Inc. bought a new position in nCino in the 4th quarter worth approximately $57,000. Covestor Ltd grew its holdings in nCino by 27.6% in the 1st quarter. Covestor Ltd now owns 2,388 shares of the company’s stock worth $66,000 after buying an additional 517 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after buying an additional 323 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in nCino by 22.5% in the 1st quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company’s stock worth $80,000 after buying an additional 538 shares in the last quarter. 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.