nCino (NASDAQ:NCNO) Lowered to “Neutral” Rating by Bank of America

nCino (NASDAQ:NCNO) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. They presently have a $22.00 price objective on the stock. Bank of America‘s price target suggests a potential upside of 3.30% from the stock’s previous close.

A number of other research firms have also weighed in on NCNO. The Goldman Sachs Group lowered shares of nCino from a “buy” rating to a “neutral” rating and lowered their price target for the company from $42.00 to $24.00 in a report on Wednesday. Keefe, Bruyette & Woods reduced their target price on nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, March 28th. Raymond James cut their price target on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Tuesday, March 25th. Robert W. Baird dropped their target price on shares of nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, December 5th. Finally, Macquarie increased their price target on shares of nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, nCino currently has a consensus rating of “Hold” and a consensus price target of $33.40.

nCino Trading Down 24.3 %

NCNO stock traded down $6.82 during midday trading on Wednesday, reaching $21.30. 6,536,828 shares of the company’s stock traded hands, compared to its average volume of 1,262,997. nCino has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The business has a 50-day moving average price of $31.22 and a two-hundred day moving average price of $34.20. The company has a market capitalization of $2.47 billion, a P/E ratio of -124.46, a PEG ratio of 5.77 and a beta of 0.66. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95.

nCino (NASDAQ:NCNO) last released its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The company had revenue of $141.37 million during the quarter, compared to analysts’ expectations of $140.81 million. During the same period last year, the business earned $0.21 earnings per share. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. Equities research analysts forecast that nCino will post 0.12 EPS for the current fiscal year.

nCino announced that its Board of Directors has authorized a share buyback plan on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other nCino news, CEO Sean Desmond sold 5,034 shares of the firm’s 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 transaction, the chief executive officer now directly owns 306,477 shares in the company, valued at $9,991,150.20. This trade represents a 1.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider April Rieger sold 4,325 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $140,995.00. Following the completion of the sale, the insider now directly owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 86,877 shares of company stock worth $2,963,893. Corporate insiders own 28.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NCNO. Wasatch Advisors LP raised its stake in shares of nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock valued at $207,450,000 after acquiring an additional 3,905,802 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of nCino by 3,006.0% during the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock worth $87,392,000 after buying an additional 2,518,707 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in nCino in the 4th quarter valued at $81,254,000. Conestoga Capital Advisors LLC bought a new position in nCino in the 4th quarter worth $70,256,000. Finally, T. Rowe Price Investment Management Inc. lifted its position in nCino by 139.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock worth $108,834,000 after acquiring an additional 1,889,283 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

nCino Company Profile

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.