nCino (NASDAQ:NCNO) Price Target Raised to $20.00

nCino (NASDAQ:NCNO) had its target price hoisted by Truist Financial from $19.00 to $20.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. They currently have a hold rating on the stock.

NCNO has been the subject of a number of other research reports. BTIG Research reaffirmed a “neutral” rating on shares of nCino in a report on Wednesday. Morgan Stanley increased their target price on shares of nCino from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday. UBS Group restated a “buy” rating on shares of nCino in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on nCino from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Monday, June 22nd. Finally, Barclays upped their price target on nCino from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

nCino Stock Performance

Shares of NASDAQ NCNO opened at $22.99 on Wednesday. The company’s fifty day moving average price is $18.35 and its 200 day moving average price is $16.97. nCino has a 1 year low of $13.80 and a 1 year high of $32.53. The company has a market capitalization of $2.43 billion, a PE ratio of 76.63 and a beta of 0.66. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.89 and a current ratio of 0.85.

Insider Buying and Selling at nCino

In other news, CEO Sean Desmond sold 28,675 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total transaction of $551,133.50. Following the completion of the sale, the chief executive officer owned 1,234,831 shares of the company’s stock, valued at $23,733,451.82. The trade was a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Orenstein sold 11,780 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total transaction of $226,411.60. Following the transaction, the chief financial officer owned 690,513 shares of the company’s stock, valued at approximately $13,271,659.86. This trade represents a 1.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 83,350 shares of company stock valued at $1,568,144. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On nCino

Several institutional investors have recently bought and sold shares of NCNO. BlackRock Inc. purchased a new stake in nCino during the 2nd quarter worth approximately $147,492,000. Senvest Management LLC lifted its position in shares of nCino by 30.2% in the first quarter. Senvest Management LLC now owns 5,308,468 shares of the company’s stock valued at $79,521,000 after acquiring an additional 1,230,192 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of nCino in the second quarter valued at approximately $84,319,000. American Capital Management Inc. acquired a new stake in shares of nCino in the second quarter worth approximately $83,508,000. Finally, HMI Capital Management L.P. acquired a new stake in shares of nCino in the second quarter worth approximately $81,598,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

About nCino

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.