nCino (NASDAQ:NCNO) Cut to Hold at Truist Financial

nCino (NASDAQ:NCNO) was downgraded by equities research analysts at Truist Financial from a “buy” rating to a “hold” rating in a report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $21.00 target price on the stock, down from their previous target price of $44.00. Truist Financial’s price objective would suggest a potential downside of 25.32% from the company’s previous close.

NCNO has been the subject of a number of other reports. Piper Sandler lowered their price objective on shares of nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday. William Blair cut shares of nCino from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Scotiabank cut their price objective on shares of nCino from $42.00 to $35.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 27th. Robert W. Baird reduced their price objective on shares of nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, December 5th. Finally, Keefe, Bruyette & Woods dropped their target price on nCino from $44.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, March 28th. Nine equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, nCino presently has an average rating of “Hold” and a consensus target price of $35.36.

nCino Stock Performance

nCino stock opened at $28.12 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The company has a market capitalization of $3.26 billion, a PE ratio of -165.40, a P/E/G ratio of 5.77 and a beta of 0.66. The company has a 50 day moving average price of $31.22 and a 200-day moving average price of $34.20. nCino has a fifty-two week low of $18.12 and a fifty-two week high of $43.20.

nCino (NASDAQ:NCNO) last issued its earnings results 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). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. During the same period last year, the firm earned $0.21 earnings per share. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, equities analysts forecast that nCino will post 0.12 earnings per share for the current year.

nCino announced that its Board of Directors has authorized a share buyback program on Tuesday, April 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other nCino news, 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 transaction of $140,995.00. Following the sale, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gregory Orenstein sold 5,148 shares of the company’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 transaction of $167,824.80. Following the transaction, the chief financial officer now owns 271,744 shares in the company, valued at $8,858,854.40. The trade was a 1.86 % 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 worth $2,963,893 over the last 90 days. 28.40% of the stock is currently owned by corporate insiders.

Institutional Trading of nCino

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

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.