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

Bank of America downgraded shares of nCino (NASDAQ:NCNO - Free Report) from a buy rating to a neutral rating in a report published on Wednesday, Marketbeat reports. The brokerage currently has $22.00 price target on the stock.

Other research analysts also recently issued research reports about the company. Raymond James lowered their price target on nCino from $44.00 to $42.00 and set an "outperform" rating on the stock in a report on Tuesday, March 25th. The Goldman Sachs Group lowered nCino from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $42.00 to $24.00 in a report on Wednesday, April 2nd. KeyCorp restated a "sector weight" rating on shares of nCino in a research note on Monday, February 3rd. Scotiabank reaffirmed a "sector perform" rating and set a $19.00 price target (down from $35.00) on shares of nCino in a research note on Wednesday, April 2nd. Finally, Barclays raised nCino from an "equal weight" rating to an "overweight" rating and set a $44.00 price target for the company in a research note on Monday, January 6th. Ten investment 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, the stock currently has an average rating of "Hold" and an average target price of $30.33.

nCino Price Performance

NCNO stock traded up $0.44 on Wednesday, hitting $21.89. 1,085,674 shares of the company's stock traded hands, compared to its average volume of 1,311,738. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -128.49, a P/E/G ratio of 5.77 and a beta of 0.69. nCino has a 1-year low of $18.75 and a 1-year high of $43.20. The stock has a fifty day moving average of $30.58 and a 200-day moving average of $34.03.

nCino (NASDAQ:NCNO - Get Free Report) last released 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). The company had revenue of $141.37 million for 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 was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.21 earnings per share. On average, 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 outstanding shares. This repurchase authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at nCino

In other news, CFO Gregory Orenstein sold 5,148 shares of the business's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $167,824.80. Following the transaction, the chief financial officer now owns 271,744 shares in the company, valued at approximately $8,858,854.40. The trade was a 1.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sean Desmond sold 7,880 shares of nCino stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total value of $164,376.80. Following the sale, the chief executive officer now directly owns 298,597 shares in the company, valued at approximately $6,228,733.42. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 91,988 shares of company stock worth $2,294,561 over the last three months. 28.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On nCino

A number of institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP raised its stake in shares of nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock valued at $207,450,000 after buying an additional 3,905,802 shares in the last quarter. Invesco Ltd. grew its position in nCino by 3,006.0% during the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company's stock worth $87,392,000 after acquiring an additional 2,518,707 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of nCino in the fourth quarter valued at $81,254,000. Conestoga Capital Advisors LLC bought a new position in shares of nCino in the fourth quarter worth about $70,256,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in nCino by 139.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company's stock valued at $108,834,000 after buying an additional 1,889,283 shares during the last quarter. Institutional investors and hedge funds 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.