nCino (NASDAQ:NCNO) Given Sector Perform Rating at Scotiabank

Scotiabank reissued their sector perform rating on shares of nCino (NASDAQ:NCNO) in a research note published on Wednesday, Marketbeat Ratings reports. They currently have a $19.00 price target on the stock, down from their previous price target of $35.00.

A number of other analysts have also issued reports on the company. Macquarie boosted their price target on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Robert W. Baird lowered their target price on nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, December 5th. William Blair lowered nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Piper Sandler decreased their price objective on nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, KeyCorp reiterated a “sector weight” rating on shares of nCino in a report on Monday, February 3rd. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $31.40.

nCino Stock Down 19.7 %

NASDAQ:NCNO opened at $22.59 on Wednesday. The stock has a fifty day simple moving average of $31.02 and a 200-day simple moving average of $34.12. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -132.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. nCino has a twelve month low of $18.75 and a twelve month high of $43.20.

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

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

Insider Transactions at nCino

In other nCino news, Director Jeff Horing sold 54,876 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the sale, the director now owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This trade represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Pierre Naude sold 17,026 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $555,047.60. Following the sale, the director now owns 1,097,213 shares in the company, valued at $35,769,143.80. The trade was a 1.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock valued at $2,963,893 in the last quarter. 28.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System increased its position in shares of nCino by 5.4% in the 4th quarter. California State Teachers Retirement System now owns 85,835 shares of the company’s stock valued at $2,882,000 after acquiring an additional 4,417 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in nCino during the 4th quarter valued at about $227,000. Public Employees Retirement System of Ohio grew its stake in nCino by 30.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 160,216 shares of the company’s stock valued at $5,380,000 after purchasing an additional 37,260 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of nCino by 67.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 242,090 shares of the company’s stock valued at $8,129,000 after purchasing an additional 97,333 shares during the period. Finally, Woodline Partners LP purchased a new position in shares of nCino in the fourth quarter worth about $216,000. Hedge funds and other 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.