nCino (NASDAQ:NCNO) Price Target Lowered to $21.00 at Morgan Stanley

nCino (NASDAQ:NCNO) had its price objective dropped by research analysts at Morgan Stanley from $36.00 to $21.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 46.48% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Barclays dropped their price target on nCino from $34.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 24th. Piper Sandler cut their price objective on shares of nCino from $34.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, December 4th. Needham & Company LLC reissued a “buy” rating and issued a $38.00 price target on shares of nCino in a research note on Thursday, December 4th. Zacks Research downgraded nCino from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Finally, BTIG Research initiated coverage on nCino in a research report on Tuesday, December 16th. They set a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.53.

nCino Price Performance

NASDAQ NCNO traded up $0.33 on Monday, hitting $14.34. 1,095,115 shares of the company were exchanged, compared to its average volume of 2,199,217. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.24. nCino has a 1-year low of $13.80 and a 1-year high of $33.92. The firm has a 50 day moving average of $17.67 and a two-hundred day moving average of $23.02. The company has a market cap of $1.64 billion, a P/E ratio of -79.61, a P/E/G ratio of 2.76 and a beta of 0.59.

nCino declared that its Board of Directors has approved a share buyback plan on Monday, December 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider April Rieger sold 8,078 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total transaction of $150,897.04. Following the sale, the insider directly owned 221,696 shares of the company’s stock, valued at approximately $4,141,281.28. This represents a 3.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Pierre Naude sold 24,273 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total value of $453,419.64. Following the completion of the transaction, the director directly owned 1,166,823 shares of the company’s stock, valued at approximately $21,796,253.64. This trade represents a 2.04% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 69,803 shares of company stock worth $1,345,743. 5.70% of the stock is owned by insiders.

Institutional Trading of nCino

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC boosted its holdings in nCino by 16.6% during the first quarter. Millennium Management LLC now owns 303,853 shares of the company’s stock worth $8,347,000 after purchasing an additional 43,247 shares during the last quarter. Woodline Partners LP lifted its holdings in nCino by 105.3% in the 1st quarter. Woodline Partners LP now owns 13,227 shares of the company’s stock worth $363,000 after buying an additional 6,783 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of nCino by 16.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company’s stock worth $7,731,000 after buying an additional 39,345 shares during the last quarter. Creative Planning bought a new stake in nCino in the second quarter valued at $568,000. Finally, Swiss National Bank increased its position in nCino by 5.0% during the 2nd quarter. Swiss National Bank now owns 200,200 shares of the company’s stock valued at $5,600,000 after purchasing an additional 9,600 shares during the period. Institutional investors own 94.76% of the company’s stock.

nCino Company Profile

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.