nCino’s (NCNO) “Sector Perform” Rating Reiterated at Scotiabank

Scotiabank reissued their sector perform rating on shares of nCino (NASDAQ:NCNO) in a report released on Wednesday morning, MarketBeat reports. Scotiabank currently has a $19.00 target price on the stock, down from their prior target price of $35.00.

A number of other equities analysts also recently issued reports on NCNO. Robert W. Baird cut their price objective on shares of nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, December 5th. Raymond James reduced their price objective on shares of nCino from $44.00 to $42.00 and set an “outperform” rating for the company in a research report on Tuesday, March 25th. The Goldman Sachs Group lowered shares of nCino from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $42.00 to $24.00 in a research note on Wednesday. Piper Sandler reduced their target price 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $30.33.

nCino Trading Down 1.2 %

NCNO opened at $21.45 on Wednesday. nCino has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The firm has a market capitalization of $2.48 billion, a PE ratio of -126.17, a P/E/G ratio of 5.77 and a beta of 0.69. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The company’s 50-day moving average is $30.58 and its 200 day moving average is $33.97.

nCino (NASDAQ:NCNO) last issued 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). The company had revenue of $141.37 million during the quarter, compared to analysts’ expectations of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the company earned $0.21 earnings per share. As a group, research analysts predict that nCino will post 0.12 earnings per share for the current fiscal year.

nCino announced that its board has initiated a stock repurchase plan on Tuesday, April 1st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at nCino

In related news, CEO Sean Desmond sold 7,880 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,376.80. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider April Rieger sold 4,325 shares of the firm’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 completion of the transaction, 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. In the last ninety days, insiders have sold 146,864 shares of company stock worth $4,215,221. 28.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. grew its position in nCino by 46.0% during the third quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company’s stock worth $38,327,000 after buying an additional 344,269 shares in the last quarter. Thrivent Financial for Lutherans bought a new position in shares of nCino in the third quarter worth approximately $689,000. Verition Fund Management LLC bought a new stake in shares of nCino during the 3rd quarter worth $594,000. Charles Schwab Investment Management Inc. grew its position in nCino by 51.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock worth $17,588,000 after acquiring an additional 189,283 shares in the last quarter. Finally, Bullseye Asset Management LLC boosted its holdings in shares of nCino by 58.5% in the 3rd quarter. Bullseye Asset Management LLC now owns 140,878 shares of the company’s stock worth $4,451,000 after purchasing an additional 52,000 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.