Macquarie Forecasts Strong Price Appreciation for nCino (NASDAQ:NCNO) Stock

nCino (NASDAQ:NCNO) had its target price upped by investment analysts at Macquarie from $40.00 to $43.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s target price would suggest a potential upside of 14.94% from the stock’s previous close.

A number of other research firms have also commented on NCNO. Robert W. Baird cut their price target on nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday. William Blair reaffirmed an “outperform” rating on shares of nCino in a report on Thursday. Keefe, Bruyette & Woods upped their price target on nCino from $41.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. The Goldman Sachs Group upgraded shares of nCino from a “neutral” rating to a “buy” rating and raised their price objective for the company from $34.00 to $42.00 in a research report on Wednesday, August 14th. Finally, Barclays upped their target price on shares of nCino from $34.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday, November 25th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.38.

nCino Stock Up 0.3 %

NCNO opened at $37.41 on Friday. nCino has a 12 month low of $28.09 and a 12 month high of $43.20. The company has a market cap of $4.32 billion, a PE ratio of -220.05, a price-to-earnings-growth ratio of 35.24 and a beta of 0.59. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $37.84 and a 200 day moving average of $33.65.

Insider Activity

In other nCino news, CFO Gregory Orenstein sold 3,885 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $35.05, for a total value of $136,169.25. Following the completion of the sale, the chief financial officer now owns 276,892 shares of the company’s stock, valued at $9,705,064.60. This represents a 1.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeff Horing sold 1,833,975 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $36.62, for a total transaction of $67,160,164.50. Following the transaction, the director now owns 12,513,467 shares in the company, valued at $458,243,161.54. The trade was a 12.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,235,029 shares of company stock worth $117,599,204. 28.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On nCino

Institutional investors have recently made changes to their positions in the business. Long Path Partners LP raised its position in nCino by 151.1% in the 2nd quarter. Long Path Partners LP now owns 2,590,135 shares of the company’s stock worth $81,460,000 after purchasing an additional 1,558,529 shares during the period. ShawSpring Partners LLC increased its holdings in shares of nCino by 115.9% in the third quarter. ShawSpring Partners LLC now owns 2,653,687 shares of the company’s stock worth $83,830,000 after buying an additional 1,424,349 shares during the period. Brown Brothers Harriman & Co. bought a new stake in shares of nCino in the 2nd quarter valued at about $41,805,000. Senator Investment Group LP purchased a new stake in nCino during the 2nd quarter valued at about $40,885,000. Finally, Millennium Management LLC grew its position in nCino by 438.3% during the 2nd quarter. Millennium Management LLC now owns 1,452,242 shares of the company’s stock worth $45,673,000 after acquiring an additional 1,182,452 shares during the last quarter. Hedge funds and other 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.