nCino (NASDAQ:NCNO) Sets New 12-Month Low Following Analyst Downgrade

Shares of nCino, Inc. (NASDAQ:NCNO) hit a new 52-week low during mid-day trading on Thursday after Keefe, Bruyette & Woods lowered their price target on the stock from $40.00 to $28.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. nCino traded as low as $18.75 and last traded at $22.59, with a volume of 20082539 shares traded. The stock had previously closed at $28.12.

A number of other equities research analysts have also recently weighed in on NCNO. Morgan Stanley lowered their price target on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday. Macquarie increased their price objective on shares of nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Bank of America cut shares of nCino from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Wednesday. Piper Sandler lowered their price target on shares of nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, KeyCorp reissued a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.33.

Insiders Place Their Bets

In other nCino news, CFO Gregory Orenstein sold 5,148 shares of nCino stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value 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. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider April Rieger sold 4,325 shares of the business’s stock in a transaction 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 directly owns 145,953 shares of the company’s stock, valued at $4,758,067.80. This 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 86,877 shares of company stock valued at $2,963,893. Insiders own 28.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NCNO. Franklin Resources Inc. increased its stake 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 acquiring an additional 344,269 shares during the last quarter. Verition Fund Management LLC purchased a new stake in shares of nCino during the 3rd quarter worth about $594,000. Charles Schwab Investment Management Inc. increased its position in nCino by 51.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock worth $17,588,000 after purchasing an additional 189,283 shares in the last quarter. Bullseye Asset Management LLC increased its position in nCino by 58.5% during 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. Finally, Glenmede Trust Co. NA acquired a new position in nCino during the third quarter valued at approximately $485,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

nCino Trading Down 3.9 %

The firm’s 50 day simple moving average is $30.80 and its 200-day simple moving average is $34.03. The company has a market capitalization of $2.51 billion, a PE ratio of -127.70, a P/E/G ratio of 5.77 and a beta of 0.69. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20.

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

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

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.