nCino (NASDAQ:NCNO) Stock Rating Lowered by Bank of America

nCino (NASDAQ:NCNO) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. They currently have a $22.00 price objective on the stock. Bank of America‘s price objective suggests a potential upside of 3.30% from the stock’s current price.

Several other equities analysts have also recently issued reports on NCNO. Morgan Stanley decreased their price objective on nCino from $39.00 to $23.00 and set an “equal weight” rating for the company in a research note on Wednesday. The Goldman Sachs Group cut shares of nCino from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $42.00 to $24.00 in a report on Wednesday. Scotiabank restated a “sector perform” rating and issued a $19.00 price objective (down from $35.00) on shares of nCino in a report on Wednesday. Truist Financial cut shares of nCino from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $44.00 to $21.00 in a research report on Wednesday. Finally, Needham & Company LLC cut their price target on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $33.40.

nCino Price Performance

nCino stock traded down $6.82 during trading on Wednesday, reaching $21.30. The company had a trading volume of 6,536,828 shares, compared to its average volume of 1,262,997. The firm has a market capitalization of $2.47 billion, a PE ratio of -124.46, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. The firm’s 50-day simple moving average is $31.22 and its 200 day simple moving average is $34.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. nCino has a 1-year low of $18.75 and a 1-year 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 (EPS) 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 quarter last year, the company earned $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 will post 0.12 earnings per share for the current fiscal year.

nCino announced that its board has approved a stock buyback plan 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at nCino

In other news, CEO Sean Desmond sold 5,034 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $164,108.40. Following the completion of the transaction, the chief executive officer now owns 306,477 shares in the company, valued at $9,991,150.20. This trade represents a 1.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider April Rieger sold 4,325 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the transaction, the insider now owns 145,953 shares in the company, valued at $4,758,067.80. The trade was 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 worth $2,963,893. 28.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On nCino

Several hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp acquired a new stake in nCino in the fourth quarter valued at $34,000. Hilltop National Bank purchased a new stake in shares of nCino in the 4th quarter worth about $37,000. Johnson Financial Group Inc. purchased a new stake in shares of nCino in the 4th quarter worth about $57,000. Asset Management One Co. Ltd. grew its stake 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 during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in nCino by 32.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock valued at $152,000 after acquiring an additional 1,122 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.