Scotiabank Reiterates “Sector Perform” Rating for nCino (NASDAQ:NCNO)

nCino (NASDAQ:NCNO)‘s stock had its “sector perform” rating reaffirmed by analysts at Scotiabank in a report issued on Wednesday,Benzinga reports. They currently have a $19.00 target price on the stock, down from their prior target price of $35.00. Scotiabank’s target price points to a potential downside of 32.43% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Barclays raised nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a report on Monday, January 6th. William Blair downgraded nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Raymond James dropped their price target on nCino from $44.00 to $42.00 and set an “outperform” rating for the company in a research note on Tuesday, March 25th. Morgan Stanley reduced their price objective on shares of nCino from $41.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, December 6th. Finally, Needham & Company LLC dropped their target price on shares of nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, nCino has a consensus rating of “Hold” and a consensus target price of $35.36.

nCino Trading Up 2.4 %

nCino stock opened at $28.12 on Wednesday. nCino has a 12-month low of $18.12 and a 12-month high of $43.20. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -165.40, a P/E/G ratio of 5.77 and a beta of 0.66. The firm has a 50 day moving average of $31.22 and a 200 day moving average of $34.20. 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 (NASDAQ:NCNO) last posted its quarterly earnings results 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 firm had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.21 earnings per share. As a group, research analysts predict that nCino will post 0.12 earnings per share for the current year.

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

Insider Buying and Selling at nCino

In other news, insider April Rieger sold 4,325 shares of the business’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 transaction, the insider now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gregory Orenstein sold 5,148 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $167,824.80. Following the sale, the chief financial officer now owns 271,744 shares in the company, valued at $8,858,854.40. The trade was a 1.86 % 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 worth $2,963,893 over the last ninety days. Company insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of large investors have recently made changes to their positions in the company. Asset Management One Co. Ltd. raised its position in 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 purchasing an additional 323 shares during the period. Victory Capital Management Inc. grew its stake in shares of nCino by 2.9% during the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company’s stock valued at $407,000 after buying an additional 340 shares during the last quarter. Berry Wealth Group LP raised its holdings in shares of nCino by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 8,207 shares of the company’s stock worth $276,000 after buying an additional 400 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of nCino by 2.2% during the 4th quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company’s stock worth $772,000 after acquiring an additional 500 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its stake in shares of nCino by 1.2% during the 4th quarter. Sterling Capital Management LLC now owns 48,945 shares of the company’s stock worth $1,644,000 after acquiring an additional 583 shares during 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.