Scotiabank Lowers nCino (NASDAQ:NCNO) Price Target to $35.00

nCino (NASDAQ:NCNO) had its price objective cut by Scotiabank from $42.00 to $35.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

Several other research analysts have also recently weighed in on NCNO. Barclays raised shares of nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a research report on Monday, January 6th. Macquarie increased their price target on shares of nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Robert W. Baird cut their price target on shares of nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, December 5th. Needham & Company LLC upped their price objective on nCino from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Finally, Morgan Stanley cut their target price on nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, December 6th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $42.00.

nCino Stock Performance

Shares of nCino stock opened at $29.49 on Thursday. The business’s 50 day moving average price is $31.52 and its 200 day moving average price is $34.15. The company has a market cap of $3.41 billion, a price-to-earnings ratio of -173.46, a PEG ratio of 5.77 and a beta of 0.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. nCino has a one year low of $27.29 and a one year high of $43.20.

Insider Buying and Selling

In other nCino news, Director Jeff Horing sold 54,876 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the sale, the director now owns 4,458,591 shares in the company, valued at $156,050,685. This represents a 1.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sean Desmond sold 5,034 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $164,108.40. Following the completion of the sale, the chief executive officer now directly owns 306,477 shares in the company, valued at $9,991,150.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,877 shares of company stock valued at $2,963,893 in the last ninety days. Company insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On nCino

A number of large investors have recently modified their holdings of NCNO. Fifth Third Bancorp acquired a new position in shares of nCino during the fourth quarter worth $34,000. Hilltop National Bank acquired a new position in shares of nCino during the 4th quarter worth about $37,000. Johnson Financial Group Inc. purchased a new position in shares of nCino in the 4th quarter valued at about $57,000. Asset Management One Co. Ltd. lifted its stake in nCino by 16.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after purchasing an additional 323 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after purchasing an additional 1,122 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.