nCino (NASDAQ:NCNO) Sets New 12-Month Low – Here’s What Happened

nCino, Inc. (NASDAQ:NCNO)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $28.48 and last traded at $29.26, with a volume of 995467 shares trading hands. The stock had previously closed at $30.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NCNO shares. Piper Sandler reissued a “neutral” rating and set a $38.00 price objective on shares of nCino in a report on Thursday, December 5th. Macquarie increased their price objective on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, December 6th. UBS Group initiated coverage on nCino in a report on Monday, December 16th. They set a “buy” rating and a $44.00 target price for the company. Scotiabank increased their price target on shares of nCino from $36.00 to $46.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Stephens raised their price target on shares of nCino from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.50.

nCino Price Performance

The stock has a 50 day moving average price of $32.72 and a 200-day moving average price of $34.43. 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 stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of -170.58, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66.

Insider Activity at nCino

In other nCino news, Director Jeff Horing sold 1,167,424 shares of nCino stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $36.69, for a total transaction of $42,832,786.56. Following the transaction, the director now directly owns 9,790,001 shares of the company’s stock, valued at $359,195,136.69. The trade was a 10.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider April Rieger sold 4,325 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the sale, the insider now owns 145,953 shares of the company’s stock, valued at $4,758,067.80. This represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,820,085 shares of company stock valued at $209,067,363. Corporate insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On nCino

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NCNO. Wasatch Advisors LP raised its holdings in nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock valued at $207,450,000 after buying an additional 3,905,802 shares during the period. Invesco Ltd. lifted its holdings in shares of nCino by 3,006.0% in the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock worth $87,392,000 after acquiring an additional 2,518,707 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of nCino during the 4th quarter worth approximately $81,254,000. Conestoga Capital Advisors LLC acquired a new position in nCino during the fourth quarter worth $70,256,000. Finally, T. Rowe Price Investment Management Inc. lifted its stake in nCino by 139.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock worth $108,834,000 after purchasing an additional 1,889,283 shares in 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.