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

Scotiabank reiterated their sector perform rating on shares of nCino (NASDAQ:NCNO) in a research report released on Wednesday morning, MarketBeat Ratings reports. They currently have a $19.00 target price on the stock, down from their previous target price of $35.00.

Other analysts have also recently issued reports about the stock. Barclays raised shares of nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price objective for the company in a research note on Monday, January 6th. The Goldman Sachs Group cut nCino from a “buy” rating to a “neutral” rating and decreased their price target for the company from $42.00 to $24.00 in a report on Wednesday. William Blair downgraded nCino from an “outperform” rating to a “market perform” rating in a research report on Wednesday. UBS Group began coverage on nCino in a research note on Monday, December 16th. They set a “buy” rating and a $44.00 target price on the stock. Finally, Needham & Company LLC lowered their price target on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $31.40.

nCino Price Performance

Shares of nCino stock opened at $22.59 on Wednesday. The stock’s fifty day moving average is $31.02 and its 200 day moving average is $34.12. nCino has a one year low of $18.75 and a one year high of $43.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a market cap of $2.62 billion, a P/E ratio of -132.87, a P/E/G ratio of 5.77 and a beta of 0.66.

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

nCino announced that its Board of Directors has authorized a stock repurchase program on Tuesday, April 1st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at nCino

In other news, CEO Sean Desmond sold 5,034 shares of the business’s 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 sale, the chief executive officer now directly owns 306,477 shares in the company, valued at $9,991,150.20. The trade was a 1.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider April Rieger sold 4,325 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 transaction of $140,995.00. Following the completion of the transaction, the insider now directly owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,877 shares of company stock valued at $2,963,893 over the last 90 days. 28.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On nCino

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp purchased a new stake in nCino during the 4th quarter valued at $34,000. Hilltop National Bank bought a new position in nCino during the fourth quarter valued at $37,000. Johnson Financial Group Inc. purchased a new stake in shares of nCino in the fourth quarter valued at $57,000. Asset Management One Co. Ltd. lifted its holdings in shares of nCino by 16.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after acquiring an additional 323 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of nCino by 32.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after purchasing an additional 1,122 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.