nCino (NASDAQ:NCNO) Given New $33.00 Price Target at Needham & Company LLC

nCino (NASDAQ:NCNO) had its price objective increased by Needham & Company LLC from $28.00 to $33.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also weighed in on NCNO. Raymond James dropped their price objective on shares of nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. Scotiabank reaffirmed a “sector perform” rating and issued a $26.00 price objective (up from $19.00) on shares of nCino in a research note on Wednesday. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. UBS Group set a $40.00 price objective on shares of nCino in a research note on Friday, March 28th. Finally, Piper Sandler dropped their price objective on shares of nCino from $28.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $30.53.

nCino Stock Up 4.6%

Shares of NASDAQ NCNO opened at $26.66 on Thursday. The firm has a market cap of $3.07 billion, a PE ratio of -156.81, a P/E/G ratio of 5.77 and a beta of 0.71. nCino has a 12-month low of $18.75 and a 12-month high of $43.20. The company’s fifty day simple moving average is $24.68 and its 200 day simple moving average is $31.45. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO) last issued its earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.06). The company had revenue of $141.37 million for 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%. The firm’s revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 earnings per share. As a group, sell-side analysts forecast that nCino will post 0.12 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, Director Pierre Naude sold 31,123 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $649,225.78. Following the completion of the sale, the director now owns 1,066,090 shares in the company, valued at approximately $22,238,637.40. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jeanette Sellers sold 2,167 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $22.79, for a total transaction of $49,385.93. Following the sale, the vice president now owns 27,108 shares of the company’s stock, valued at $617,791.32. This trade represents a 7.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,060 shares of company stock worth $3,101,115. Insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. boosted its position 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 purchasing an additional 323 shares during the period. Victory Capital Management Inc. boosted its position in nCino by 2.9% during the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company’s stock worth $407,000 after purchasing an additional 340 shares during the period. Berry Wealth Group LP boosted its position in nCino by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 8,207 shares of the company’s stock worth $276,000 after purchasing an additional 400 shares during the period. Handelsbanken Fonder AB boosted its position in nCino by 2.2% during the fourth quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company’s stock worth $772,000 after purchasing an additional 500 shares during the period. Finally, Covestor Ltd boosted its position in nCino by 27.6% during the first quarter. Covestor Ltd now owns 2,388 shares of the company’s stock worth $66,000 after purchasing an additional 517 shares during the period. Institutional investors 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.