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

nCino (NASDAQ:NCNO)‘s stock had its “sector perform” rating reaffirmed by Scotiabank in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They currently have a $26.00 target price on the stock, up from their previous target price of $19.00. Scotiabank’s price target points to a potential downside of 2.48% from the company’s current price.

A number of other research firms also recently issued reports on NCNO. The Goldman Sachs Group downgraded shares of nCino from a “buy” rating to a “neutral” rating and cut their target price for the stock from $42.00 to $24.00 in a research report on Wednesday, April 2nd. Morgan Stanley cut their target price on shares of nCino from $39.00 to $23.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their target price on shares of nCino from $40.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Raymond James cut their price target on shares of nCino from $42.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Finally, Piper Sandler cut their price target on shares of nCino from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. 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, nCino has an average rating of “Hold” and a consensus target price of $30.53.

nCino Trading Up 4.6%

nCino stock opened at $26.66 on Wednesday. The company has a 50 day moving average price of $24.68 and a 200 day moving average price of $31.45. nCino has a 52 week low of $18.75 and a 52 week high of $43.20. 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 firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -156.81, a P/E/G ratio of 5.77 and a beta of 0.71.

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

nCino declared that its board has initiated a share repurchase plan on Tuesday, April 1st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at nCino

In related news, VP Jeanette Sellers sold 2,167 shares of the firm’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $22.79, for a total value of $49,385.93. Following the transaction, the vice president now directly owns 27,108 shares in the company, valued at approximately $617,791.32. This trade represents a 7.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider April Rieger sold 6,589 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $151,547.00. Following the completion of the sale, the insider now owns 243,551 shares in the company, valued at $5,601,673. This represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,060 shares of company stock worth $3,101,115. 28.40% of the stock is owned by insiders.

Institutional Trading of nCino

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Conestoga Capital Advisors LLC acquired a new stake in nCino in the 4th quarter worth $70,256,000. Amundi grew its position in nCino by 312.1% in the 4th quarter. Amundi now owns 6,004 shares of the company’s stock worth $201,000 after purchasing an additional 4,547 shares during the last quarter. Barclays PLC grew its position in nCino by 22.2% in the 3rd quarter. Barclays PLC now owns 73,014 shares of the company’s stock worth $2,306,000 after purchasing an additional 13,252 shares during the last quarter. KBC Group NV grew its position in nCino by 3,082.1% in the 4th quarter. KBC Group NV now owns 75,988 shares of the company’s stock worth $2,552,000 after purchasing an additional 73,600 shares during the last quarter. Finally, Northern Trust Corp grew its position in nCino by 14.1% in the 4th quarter. Northern Trust Corp now owns 612,902 shares of the company’s stock worth $20,581,000 after purchasing an additional 75,592 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.