nCino (NASDAQ:NCNO) Cut to “Neutral” at The Goldman Sachs Group

nCino (NASDAQ:NCNO) was downgraded by stock analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They presently have a $24.00 price target on the stock, down from their prior price target of $42.00. The Goldman Sachs Group’s price target points to a potential upside of 10.55% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. William Blair cut nCino from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Raymond James lowered their target price on nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Tuesday, March 25th. KeyCorp reiterated a “sector weight” rating on shares of nCino in a research report on Monday, February 3rd. Morgan Stanley reduced their price objective on shares of nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, December 6th. Finally, Robert W. Baird dropped their target price 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. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $30.33.

nCino Stock Performance

NCNO stock opened at $21.71 on Wednesday. The company has a 50-day simple moving average of $30.80 and a 200 day simple moving average of $34.03. The company has a market capitalization of $2.51 billion, a P/E ratio of -127.70, a PEG 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 has a fifty-two week low of $18.75 and a fifty-two week high of $43.20.

nCino (NASDAQ:NCNO) last issued 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 company had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same period in the prior year, the company posted $0.21 earnings per share. The company’s revenue was up 14.3% on a year-over-year basis. Sell-side analysts predict that nCino will post 0.12 earnings per share for the current fiscal year.

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

Insider Transactions at nCino

In related news, Director Jeff Horing sold 54,876 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the sale, the director now directly owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This represents a 1.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider April Rieger sold 4,325 shares of nCino stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $140,995.00. Following the transaction, the insider now directly owns 145,953 shares in the company, valued at approximately $4,758,067.80. This trade represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,877 shares of company stock valued at $2,963,893 over the last quarter. Company insiders own 28.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NCNO. Asset Management One Co. Ltd. boosted its stake in shares of nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock valued at $78,000 after buying an additional 323 shares during the period. Victory Capital Management Inc. raised its holdings in shares of nCino by 2.9% during the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company’s stock worth $407,000 after acquiring an additional 340 shares in the last quarter. Berry Wealth Group LP boosted its position in nCino by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 8,207 shares of the company’s stock valued at $276,000 after purchasing an additional 400 shares during the last quarter. Handelsbanken Fonder AB grew its stake in nCino by 2.2% in the fourth quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company’s stock valued at $772,000 after purchasing an additional 500 shares in the last quarter. Finally, Sterling Capital Management LLC increased its position in nCino by 1.2% in the 4th quarter. Sterling Capital Management LLC now owns 48,945 shares of the company’s stock worth $1,644,000 after purchasing an additional 583 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.