Needham & Company LLC Cuts nCino (NASDAQ:NCNO) Price Target to $42.00

nCino (NASDAQ:NCNOGet Rating) had its price objective reduced by Needham & Company LLC from $60.00 to $42.00 in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 31.21% from the stock’s current price.

Several other research firms have also recently issued reports on NCNO. Truist Financial decreased their target price on shares of nCino from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, April 1st. Morgan Stanley initiated coverage on shares of nCino in a research report on Wednesday, April 13th. They set an “overweight” rating and a $60.00 price target on the stock. KeyCorp reduced their price target on shares of nCino from $60.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays reduced their price target on shares of nCino from $47.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 24th. Finally, Zacks Investment Research raised shares of nCino from a “sell” rating to a “hold” rating in a research report on Saturday, March 5th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, nCino presently has a consensus rating of “Buy” and a consensus target price of $60.24.

NASDAQ:NCNO opened at $32.01 on Thursday. The company has a current ratio of 3.62, a quick ratio of 3.62 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $37.17 and a two-hundred day moving average price of $45.86. nCino has a twelve month low of $23.94 and a twelve month high of $79.43. The company has a market capitalization of $3.53 billion, a P/E ratio of -62.76 and a beta of 0.92.

nCino (NASDAQ:NCNOGet Rating) last issued its quarterly earnings results on Wednesday, June 1st. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $94.21 million during the quarter, compared to the consensus estimate of $91.42 million. nCino had a negative net margin of 18.06% and a negative return on equity of 11.43%. The company’s quarterly revenue was up 51.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.11) earnings per share. On average, equities research analysts predict that nCino will post -0.63 earnings per share for the current year.

In other nCino news, CEO Pierre Naude sold 9,749 shares of the business’s stock in a transaction on Wednesday, April 6th. The shares were sold at an average price of $43.63, for a total transaction of $425,348.87. Following the completion of the sale, the chief executive officer now owns 920,989 shares in the company, valued at $40,182,750.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO David Rudow sold 2,215 shares of the business’s stock in a transaction on Wednesday, April 6th. The shares were sold at an average price of $43.63, for a total transaction of $96,640.45. Following the sale, the chief financial officer now owns 198,385 shares of the company’s stock, valued at approximately $8,655,537.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,487 shares of company stock valued at $3,730,255. Insiders own 37.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in NCNO. Dragoneer Investment Group LLC grew its position in shares of nCino by 187.2% during the first quarter. Dragoneer Investment Group LLC now owns 4,594,278 shares of the company’s stock worth $188,274,000 after acquiring an additional 2,994,628 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of nCino by 43.4% during the fourth quarter. JPMorgan Chase & Co. now owns 2,540,199 shares of the company’s stock worth $139,355,000 after acquiring an additional 769,036 shares during the last quarter. Providence Equity Partners L.L.C. bought a new position in shares of nCino during the fourth quarter worth about $34,507,000. Vanguard Group Inc. grew its position in shares of nCino by 11.0% during the first quarter. Vanguard Group Inc. now owns 5,691,682 shares of the company’s stock worth $233,246,000 after acquiring an additional 564,654 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of nCino by 224.1% during the third quarter. Geode Capital Management LLC now owns 717,080 shares of the company’s stock worth $50,934,000 after acquiring an additional 495,838 shares during the last quarter.

About nCino (Get Rating)

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, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable banks and credit unions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.

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