nCino (NASDAQ:NCNO) Cut to “Neutral” at Bank of America

Bank of America downgraded shares of nCino (NASDAQ:NCNO) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat reports. Bank of America currently has $22.00 price objective on the stock.

Other research analysts also recently issued reports about the company. Scotiabank reissued a “sector perform” rating and issued a $19.00 target price (down from $35.00) on shares of nCino in a report on Wednesday. UBS Group assumed coverage on nCino in a report on Monday, December 16th. They set a “buy” rating and a $44.00 target price on the stock. Needham & Company LLC cut their price target on nCino from $45.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler decreased their price objective on shares of nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Robert W. Baird reduced their price objective on nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, December 5th. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, nCino presently has an average rating of “Hold” and an average target price of $30.33.

nCino Stock Performance

nCino stock opened at $21.45 on Wednesday. The firm has a market capitalization of $2.48 billion, a P/E ratio of -126.17, a P/E/G ratio of 5.77 and a beta of 0.69. The stock has a fifty day moving average price of $30.58 and a two-hundred day moving average price of $33.97. 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 current ratio of 1.95 and a quick ratio of 1.95.

nCino (NASDAQ:NCNO) last announced 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). The firm had revenue of $141.37 million for the quarter, compared to analyst estimates of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.21 EPS. As a group, analysts anticipate that nCino will post 0.12 EPS for the current fiscal year.

nCino declared that its board has initiated a stock buyback program on Tuesday, April 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other nCino news, CEO Sean Desmond sold 7,880 shares of nCino stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,376.80. Following the transaction, the chief executive officer now directly owns 298,597 shares in the company, valued at approximately $6,228,733.42. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider April Rieger sold 4,325 shares of the stock in a transaction dated Tuesday, February 4th. The stock was 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 owns 145,953 shares of the company’s stock, valued at $4,758,067.80. This trade represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 146,864 shares of company stock valued at $4,215,221 in the last ninety days. 28.40% of the stock is owned by insiders.

Hedge Funds Weigh In On nCino

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