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

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

Other analysts also recently issued reports about the company. UBS Group assumed coverage on nCino in a research report on Monday, December 16th. They set a “buy” rating and a $44.00 price target for the company. William Blair cut nCino from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Robert W. Baird reduced their price target on shares of nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, December 5th. Scotiabank reaffirmed a “sector perform” rating and issued a $19.00 price objective (down previously from $35.00) on shares of nCino in a research report on Wednesday. Finally, Keefe, Bruyette & Woods decreased their price target on shares of nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, March 28th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $31.40.

nCino Stock Performance

NASDAQ NCNO opened at $22.59 on Wednesday. The company has a fifty day moving average price of $31.02 and a 200-day moving average price of $34.12. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -132.87, a PEG ratio of 5.77 and a beta of 0.66. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick 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 released its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.06). The firm had revenue of $141.37 million for the quarter, compared to analysts’ expectations of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.21 earnings per share. As a group, equities research analysts predict that nCino will post 0.12 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other nCino news, CFO Gregory Orenstein sold 5,148 shares of the stock in a transaction that occurred 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 directly owns 271,744 shares in the company, valued at $8,858,854.40. This represents a 1.86 % decrease in their position. The transaction 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 business’s stock in a transaction on Tuesday, February 4th. The shares were 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 $4,758,067.80. This trade represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 86,877 shares of company stock worth $2,963,893 in the last quarter. 28.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On nCino

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