nCino (NASDAQ:NCNO) Shares Gap Down Following Analyst Downgrade

nCino, Inc. (NASDAQ:NCNO)’s stock price gapped down prior to trading on Thursday after Robert W. Baird lowered their price target on the stock from $43.00 to $42.00. The stock had previously closed at $42.50, but opened at $36.03. Robert W. Baird currently has a neutral rating on the stock. nCino shares last traded at $39.61, with a volume of 1,139,686 shares changing hands.

Several other research firms have also weighed in on NCNO. Macquarie reissued an “outperform” rating and issued a $40.00 price objective on shares of nCino in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on nCino from $41.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday. Stephens increased their price target on shares of nCino from $35.00 to $38.00 and gave the stock an “equal weight” rating in a report on Thursday. Truist Financial restated a “buy” rating and issued a $44.00 target price (up previously from $37.00) on shares of nCino in a research report on Monday, October 21st. Finally, JMP Securities restated a “market outperform” rating and set a $43.00 target price on shares of nCino in a report on Wednesday, August 28th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, nCino currently has a consensus rating of “Moderate Buy” and an average price target of $42.31.

Insider Transactions at nCino

In other nCino news, CFO Gregory Orenstein sold 3,885 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $35.05, for a total transaction of $136,169.25. Following the sale, the chief financial officer now directly owns 276,892 shares of the company’s stock, valued at $9,705,064.60. This trade represents a 1.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William J. Ruh sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $37.50, for a total transaction of $375,000.00. Following the completion of the transaction, the director now owns 226,201 shares in the company, valued at $8,482,537.50. The trade was a 4.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,235,029 shares of company stock worth $117,599,204. 28.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On nCino

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Crewe Advisors LLC purchased a new stake in shares of nCino during the second quarter valued at $26,000. Asset Management One Co. Ltd. raised its stake in shares of nCino by 21.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock worth $62,000 after purchasing an additional 341 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of nCino by 97.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock valued at $87,000 after buying an additional 1,358 shares in the last quarter. West Tower Group LLC acquired a new position in nCino in the third quarter worth approximately $126,000. Finally, Northwest & Ethical Investments L.P. bought a new position in nCino during the third quarter valued at approximately $152,000. 94.76% of the stock is owned by institutional investors.

nCino Price Performance

The stock’s 50 day simple moving average is $37.59 and its 200-day simple moving average is $33.57. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of -135.37, a PEG ratio of 34.42 and a beta of 0.59. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.08 and a quick ratio of 1.08.

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.