Latest news with #JoeVruwink
CNBC
5 days ago
- Business
- CNBC
Stocks making the biggest moves midday: Autodesk, PayPal, Rivian, Nebius, Waters and more
Check out the companies making headlines in midday trading. Autodesk — The design software maker rose more than 5% after Bloomberg News reported , citing people familiar with the matter, that it ended a plan to potentially buy out PTC . The possible acquisition was first reported by Bloomberg last Wednesday . PTC fell about 2%. Waters — The life sciences tools maker fell nearly 12% after announcing plans to merge with Becton Dickinson's Biosciences & Diagnostic Solutions unit. Waters will take on $4 billion in debt and issue 39.2% of its stock to Becton Dickinson shareholders, under the terms of the deal. Becton shareholders will also receive a $4 billion payout. Becton shares fell more than 1% Synopsys , Ansys — Shares of semiconductor design company Synopsys slipped roughly 1% after Chinese regulators conditionally approved its purchase of Ansys for $35 billion. Ansys rose 3%. Fastenal — Shares gained 2% after second-quarter earnings surpassed analyst estimates. The industrial supply company reported earnings of 29 cents per share, while analysts polled by FactSet were looking for 28 cents. PayPal – Shares of the fintech company jumped more than 3% as Wall Street analysts brushed off a Bloomberg News report that JPMorgan will start charging fees for access to customer bank account information. "If implemented, any adverse impact is likely to be negligible in our view," Morgan Stanley analysts said in a Monday note. Nebius Group – The artificial intelligence infrastructure stock popped about 11% after Goldman Sachs initiated coverage with a buy rating. The firm said that the name is "well positioned" to benefit from anticipated growth in the AI Neocloud market. nCino — The financial technology provider gained more than 3% following an upgrade to outperform at Baird , with analyst Joe Vruwink citing an upbeat outlook from company management. Rivian Automotive — The electric vehicle company pulled back almost 3%. Guggenheim downgraded Rivian to neutral from buy in a Monday note, with analyst Ronald Jewsikow pointing to the likelihood of softer long-term sales of its R2 and R3 vehicles. SolarEdge Technologies — Shares rose nearly 2% after Barclays upgraded SolarEdge to equal weight from underweight. The bank said that despite the anticipation that the overall market will shrink in 2026, SolarEdge is poised to grow both this year and next. Bitcoin-related names — Bitcoin-related stocks advanced Monday after the largest cryptocurrency by market capitalization reached an all-time high above $120,000. Shares of crypto exchange Coinbase added 1%, while MARA Holdings gained about 3%. — CNBC's Michelle Fox, Sean Conlon, Scott Schnipper, Spencer Kimball, Brian Evans and Sarah Min contributed reporting.
CNBC
5 days ago
- Business
- CNBC
Stocks making the biggest moves premarket: Kenvue, Rivian, Affirm, SolarEdge Technologies and more
Check out the companies making headlines in premarket trading. Kenvue — The Neutrogena-maker jumped 4.5% after the company said its CEO Thibaut Mongon has stepped down . Kenvue said its board is conducting a strategic review of the company and is considering a range of possible alternatives, such as simplifying the company's portfolio. nCino — The financial technology provider gained nearly 5% following an upgrade to outperform at Baird , with analyst Joe Vruwink citing an upbeat outlook from company management highlighting a potential boon from recent initiatives. Rivian Automotive — The electric vehicle company pulled back 1.3%. Guggenheim downgraded Rivian to neutral from buy in a Monday note, with analyst Ronald Jewsikow pointing to the likelihood of softer long-term sales of its R2 and R3 vehicles. SolarEdge Technologies — Shares rose nearly 2% after Barclays upgraded SolarEdge to equal weight from underweight. The bank said that despite the anticipation that the overall market will shrink in 2026, SolarEdge is poised to grow both this year and next. Bitcoin miners — Bitcoin mining stocks all advanced early Monday after the largest cryptocurrency by market capitalization reached an all-time high above $120,000. Shares of Riot Platforms , CleanSpark and MARA Holdings all rose 3% or more. Synopsys , ANSYS — Shares of semiconductor design company Synopsys added roughly 4% after Chinese regulators conditionally approved its purchase of ANSYS for $35 billion. ANSYS surged 6%. Affirm — Shares fell 2.5% after BTIG downgraded the buy-now-pay-later company to neutral from buy, saying that a loosening of underwriting from prime lenders such as Capital One and Synchrony will hurt fintechs such as Affirm. Fastenal — Shares gained 3% after second-quarter earnings surpassed analyst estimates. The industrial supply company earned 29 cents per share, while analysts polled by FactSet were looking for 28 cents. — CNBC's Michelle Fox, Sean Conlon and Sarah Min contributed reporting.
CNBC
5 days ago
- Business
- CNBC
Baird upgrades this fintech stock, calls for more than 30% upside
There's a rosy outlook ahead for nCino , according to Baird. The bank upgraded the financial technology stock to outperform rating from neutral. Analyst Joe Vruwink new price target of $38, up from $30, implies potential upside of 32%. Vruwink pointed out that the backdrop looks extremely favorable for nCino. Moreover, the company's management appears to be more positive about reaching its goals. "Current setup has many parallels to our favorite stock calls: macro/spend conditions likely turning higher, 'mechanical' growth accelerants, GTM catalysts, new product momentum…all with expectations having reset lower, yielding (we believe) the best estimate upside argument in years," Vruwink wrote. "Recent travel with management underscored execution is key; many details shared are consistent with prior messaging, though confidence/enthusiasm around changes adds conviction." The company appears to be "well underway" on many initiatives that should reaccelerate its subscription growth into double digits on a year-over-year basis. Meanwhile, nCino's management is also confident it can achieve the so-called "Rule of 40" — or have a combined revenue growth rate and profit margin that exceeds 40%. Baird added that now presents an opportune time to buy into nCino, given that the company has reached an important crux in its thesis. "nCino undertook material reset in financial communications entering FY26 (Jan), and while short-term negative for the stock, we view this as a turning point in the investment case (stock now back to within 5-10% of late-March levels on relative basis)," he wrote. "In analyzing comparable episodes in small-cap vertical software, those that come back from the abyss (i.e., inflect growth rates closer to pre-reset levels) are able to fully recapture valuation (at pre-reset level)." The stock rose more than 2% following the upgrade. Shares of nCino have slipped 14% this year. NCNO YTD mountain NCNO YTD chart Analysts are mostly on the sidelines when it comes to nCino. LSEG data shows that 11 of 17 analysts covering the stock rate it a hold. Another six have a buy rating.
