nCino (NASDAQ:NCNO) Downgraded to Neutral Rating by Bank of America

Bank of America cut shares of nCino (NASDAQ:NCNO) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat reports. Bank of America currently has $22.00 price target on the stock.

A number of other analysts also recently issued reports on NCNO. Macquarie boosted their price objective on shares of nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Needham & Company LLC reduced their price target on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday. Robert W. Baird lowered their price objective on nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, December 5th. Scotiabank reiterated a “sector perform” rating and set a $19.00 target price (down from $35.00) on shares of nCino in a research report on Wednesday. Finally, Morgan Stanley decreased their price target on nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $31.40.

nCino Stock Down 19.7 %

nCino stock opened at $22.59 on Wednesday. nCino has a twelve month low of $18.75 and a twelve month high of $43.20. 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. The company’s 50-day moving average price is $31.02 and its two-hundred day moving average price is $34.12. 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 (NASDAQ:NCNO) last issued its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm 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 earned $0.21 earnings per share. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. As a group, analysts expect that nCino will post 0.12 EPS for the current year.

nCino declared that its board has initiated a stock buyback plan on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions 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 stock was sold at an average price of $32.60, for a total value of $164,108.40. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeff Horing sold 54,876 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now directly owns 4,458,591 shares of the company’s stock, valued at $156,050,685. This represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,877 shares of company stock worth $2,963,893. Company insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

Institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. lifted its position in shares of nCino by 46.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company’s stock valued at $38,327,000 after acquiring an additional 344,269 shares during the period. Thrivent Financial for Lutherans acquired a new position in shares of nCino during the third quarter valued at about $689,000. Verition Fund Management LLC bought a new position in shares of nCino during the 3rd quarter worth about $594,000. Charles Schwab Investment Management Inc. grew its stake in nCino by 51.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock valued at $17,588,000 after acquiring an additional 189,283 shares during the period. Finally, Bullseye Asset Management LLC increased its holdings in shares of nCino by 58.5% during the third quarter. Bullseye Asset Management LLC now owns 140,878 shares of the company’s stock valued at $4,451,000 after acquiring an additional 52,000 shares in the last quarter. 94.76% of the stock is currently owned by 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.