nCino (NASDAQ:NCNO) Cut to Market Perform at William Blair

nCino (NASDAQ:NCNO) was downgraded by analysts at William Blair from an “outperform” rating to a “market perform” rating in a report issued on Wednesday,Briefing.com Automated Import reports.

A number of other equities analysts also recently commented on the stock. Piper Sandler reduced their price objective on shares of nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday. Raymond James cut their price target on shares of nCino from $44.00 to $42.00 and set an “outperform” rating for the company in a research note on Tuesday, March 25th. KeyCorp reiterated a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Barclays upgraded nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 target price for the company in a research report on Monday, January 6th. Finally, Macquarie increased their target price on shares of nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.36.

nCino Trading Up 2.4 %

Shares of NCNO stock opened at $28.12 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino has a 1 year low of $18.12 and a 1 year high of $43.20. The firm’s fifty day simple moving average is $31.22 and its 200 day simple moving average is $34.20. The firm has a market capitalization of $3.26 billion, a P/E ratio of -165.40, a price-to-earnings-growth 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 (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $140.81 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, sell-side analysts predict that nCino will post 0.12 EPS for the current year.

nCino announced that its Board of Directors has approved a stock repurchase program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Jeff Horing sold 54,876 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the completion of the transaction, the director now owns 4,458,591 shares in the company, valued at approximately $156,050,685. The trade was a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sean Desmond sold 5,034 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the completion of the sale, the chief executive officer now directly owns 306,477 shares of the company’s stock, valued at $9,991,150.20. The trade was a 1.62 % 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 ninety days. Insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System raised its stake in nCino by 5.4% during the 4th quarter. California State Teachers Retirement System now owns 85,835 shares of the company’s stock worth $2,882,000 after buying an additional 4,417 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of nCino in the fourth quarter worth about $227,000. Public Employees Retirement System of Ohio raised its position in shares of nCino by 30.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 160,216 shares of the company’s stock worth $5,380,000 after purchasing an additional 37,260 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of nCino by 67.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 242,090 shares of the company’s stock valued at $8,129,000 after purchasing an additional 97,333 shares in the last quarter. Finally, Woodline Partners LP acquired a new position in shares of nCino in the 4th quarter valued at approximately $216,000. 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.