nCino (NASDAQ:NCNO) Earns Sector Perform Rating from Scotiabank

nCino (NASDAQ:NCNO)‘s stock had its “sector perform” rating restated by Scotiabank in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $19.00 price objective on the stock, down from their previous price objective of $35.00. Scotiabank’s price objective points to a potential downside of 32.43% from the company’s previous close.

Several other equities analysts have also commented on the company. Needham & Company LLC cut their price target on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday. Raymond James cut their target price on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 25th. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a research report on Monday, February 3rd. The Goldman Sachs Group lowered shares of nCino from a “buy” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a report on Wednesday. Finally, Stephens restated an “equal weight” rating and set a $38.00 target price on shares of nCino in a report on Thursday, March 20th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.36.

nCino Price Performance

Shares of NCNO stock opened at $28.12 on Wednesday. The company has a market capitalization of $3.26 billion, a P/E ratio of -165.40, a P/E/G ratio of 5.77 and a beta of 0.66. The company’s 50-day simple moving average is $31.22 and its two-hundred day simple moving average is $34.20. nCino has a one year low of $18.12 and a one year high of $43.20. 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 (NASDAQ:NCNO) last announced its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) 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 analysts’ expectations of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 EPS. As a group, equities analysts anticipate that nCino will post 0.12 EPS for the current year.

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

Insider Transactions at nCino

In other nCino news, Director Jeff Horing sold 54,876 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the transaction, the director now owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This trade represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider April Rieger sold 4,325 shares of nCino stock in a transaction 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 sale, the insider now owns 145,953 shares of the company’s stock, valued at $4,758,067.80. The trade was a 2.88 % decrease in their ownership of the stock. 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. Insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

Hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System lifted its position 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 acquiring an additional 4,417 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of nCino in the fourth quarter worth about $227,000. Public Employees Retirement System of Ohio lifted its holdings 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 boosted its position in nCino by 67.2% in the fourth 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 buying an additional 97,333 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in nCino in the fourth quarter valued at approximately $216,000. 94.76% of the stock is owned by institutional investors and hedge funds.

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.