Robert W. Baird Issues Pessimistic Forecast for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its price objective cut by equities researchers at Robert W. Baird from $34.00 to $24.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 66.44% from the company’s current price.

Several other analysts also recently issued reports on the stock. Zacks Research downgraded shares of nCino from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of nCino in a research note on Thursday, January 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 target price on shares of nCino in a research note on Thursday, December 4th. BTIG Research began coverage on nCino in a report on Tuesday, December 16th. They set a “neutral” rating on the stock. Finally, Keefe, Bruyette & Woods raised their price target on nCino from $34.50 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.47.

nCino Price Performance

Shares of NASDAQ NCNO opened at $14.42 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $17.48 and its 200 day moving average price is $22.91. nCino has a 52 week low of $13.80 and a 52 week high of $33.92. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -80.11, a PEG ratio of 2.76 and a beta of 0.60.

nCino announced that its Board of Directors has approved a share repurchase program on Monday, December 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 3.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Gregory Orenstein sold 10,562 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total value of $197,298.16. Following the completion of the transaction, the chief financial officer owned 451,184 shares of the company’s stock, valued at $8,428,117.12. The trade was a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sean Desmond sold 16,047 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total transaction of $299,757.96. Following the transaction, the chief executive officer directly owned 602,550 shares in the company, valued at $11,255,634. The trade was a 2.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 69,803 shares of company stock valued at $1,345,743. 5.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On nCino

Hedge funds and other institutional investors have recently made changes to their positions in the business. Long Path Partners LP increased its stake in nCino by 61.1% during the second quarter. Long Path Partners LP now owns 4,787,869 shares of the company’s stock worth $133,917,000 after acquiring an additional 1,815,868 shares during the last quarter. Ranger Investment Management L.P. lifted its stake in shares of nCino by 48.2% in the 3rd quarter. Ranger Investment Management L.P. now owns 1,157,751 shares of the company’s stock valued at $31,387,000 after purchasing an additional 376,506 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of nCino by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 11,924,703 shares of the company’s stock worth $323,279,000 after purchasing an additional 201,499 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in nCino during the 3rd quarter worth approximately $1,397,000. Finally, Cramer Rosenthal Mcglynn LLC increased its position in nCino by 19.8% during the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 375,310 shares of the company’s stock worth $10,175,000 after purchasing an additional 62,142 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.