nCino (NASDAQ:NCNO) Rating Lowered to “Market Perform” at William Blair

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

Other equities analysts also recently issued reports about the stock. Macquarie increased their price objective on shares of nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Morgan Stanley cut their price objective on nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, December 6th. Barclays raised shares of nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a research report on Monday, January 6th. Stephens restated an “equal weight” rating and set a $38.00 price objective on shares of nCino in a research note on Thursday, March 20th. Finally, Needham & Company LLC reduced their price target on nCino from $45.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.36.

nCino Price Performance

NCNO stock opened at $28.12 on Wednesday. The stock has a 50-day moving average price of $31.22 and a two-hundred day moving average price of $34.20. nCino has a 1 year low of $18.12 and a 1 year high of $43.20. The stock has a market cap of $3.26 billion, a PE ratio of -165.40, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. 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 data 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). nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The firm had revenue of $141.37 million for 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 firm’s quarterly revenue was up 14.3% on a year-over-year basis. Equities analysts forecast that nCino will post 0.12 EPS for the current fiscal year.

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

Insider Buying and Selling at nCino

In other news, CEO Sean Desmond sold 5,034 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was 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 in the company, valued at approximately $9,991,150.20. This represents a 1.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jeff Horing sold 54,876 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the sale, the director now owns 4,458,591 shares in the company, valued at $156,050,685. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock valued at $2,963,893 in the last quarter. Company insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On nCino

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings 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 worth $38,327,000 after buying an additional 344,269 shares in the last quarter. Thrivent Financial for Lutherans bought a new position in nCino in the third quarter valued at about $689,000. Verition Fund Management LLC acquired a new position in nCino during the third quarter worth about $594,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of nCino by 51.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock worth $17,588,000 after acquiring an additional 189,283 shares during the last quarter. Finally, Bullseye Asset Management LLC lifted its holdings in shares of nCino by 58.5% in the third quarter. Bullseye Asset Management LLC now owns 140,878 shares of the company’s stock worth $4,451,000 after acquiring an additional 52,000 shares during 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.