Shares of nCino (NCNO) are experiencing a significant pre-market plunge of 6.91% on Thursday, following a series of target price cuts by multiple Wall Street analysts. The cloud banking software provider's stock is under pressure as financial experts reassess its valuation amid changing market conditions.

Leading the downgrades, Stephens has dramatically reduced its target price for nCino from $38 to $24, signaling a notably less optimistic outlook for the company. Similarly, KBW analyst Ryan Tomasello cut the firm's price target to $28 from $40, although maintaining an Outperform rating on the shares. Keefe Bruyette echoed this sentiment, also lowering its price target to $28 from $40.

These coordinated price target reductions suggest that analysts are recalibrating their expectations for nCino's future performance. While the specific reasons for the downgrades were not detailed in the available news, such actions often reflect concerns about a company's growth prospects, competitive positioning, or broader economic factors affecting the industry. Investors will likely be closely watching for any additional information or guidance from nCino to better understand the factors influencing these analyst decisions and the potential impact on the company's long-term outlook.