Piper Sandler Cuts nCino (NASDAQ:NCNO) Price Target to $28.00

nCino (NASDAQ:NCNO) had its price target cut by Piper Sandler from $38.00 to $28.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential downside of 0.43% from the company’s previous close.

Other equities research analysts have also issued reports about the company. KeyCorp restated a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. UBS Group started coverage on nCino in a research note on Monday, December 16th. They issued a “buy” rating and a $44.00 price objective on the stock. Keefe, Bruyette & Woods cut their price objective on nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, March 28th. Needham & Company LLC decreased their target price on shares of nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Scotiabank dropped their price target on shares of nCino from $42.00 to $35.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 27th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.43.

nCino Stock Up 2.4 %

NCNO stock opened at $28.12 on Wednesday. The company has a market cap of $3.26 billion, a price-to-earnings ratio of -165.40, a P/E/G ratio of 5.77 and a beta of 0.66. 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’s 50-day moving average is $31.22 and its two-hundred day moving average is $34.20. nCino has a fifty-two week low of $18.12 and a fifty-two week high of $43.20.

nCino (NASDAQ:NCNO) last issued its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.06). The business had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. nCino’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the company earned $0.21 EPS. As a group, analysts forecast that nCino will post 0.12 earnings per share for the current year.

nCino declared that its Board of Directors has authorized a stock buyback program on Tuesday, April 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, 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 completion of the transaction, the chief financial officer now owns 271,744 shares in the company, valued at $8,858,854.40. The trade was a 1.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sean Desmond sold 5,034 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $164,108.40. Following the transaction, the chief executive officer now owns 306,477 shares of the company’s stock, valued at $9,991,150.20. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 86,877 shares of company stock valued at $2,963,893. Insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

Several large investors have recently added to or reduced their stakes 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 nCino during the 4th quarter worth approximately $37,000. Johnson Financial Group Inc. acquired a new stake in shares of nCino in the fourth quarter valued at $57,000. Asset Management One Co. Ltd. boosted its stake in shares of nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after buying an additional 323 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after acquiring an additional 1,122 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

nCino Company Profile

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.