Scotiabank Has Lowered Expectations for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its price target cut by Scotiabank from $42.00 to $35.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 21.02% from the stock’s previous close.

NCNO has been the subject of several other reports. Needham & Company LLC increased their price objective on nCino from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. William Blair restated an “outperform” rating on shares of nCino in a report on Thursday, December 5th. UBS Group started coverage on shares of nCino in a research note on Monday, December 16th. They issued a “buy” rating and a $44.00 price objective for the company. Barclays raised nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 target price for the company in a report on Monday, January 6th. Finally, Macquarie upped their price objective on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, nCino presently has an average rating of “Moderate Buy” and a consensus price target of $41.36.

nCino Stock Performance

NASDAQ NCNO opened at $28.92 on Thursday. 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 company has a fifty day simple moving average of $31.44 and a 200 day simple moving average of $34.15. nCino has a 12-month low of $27.29 and a 12-month high of $43.20. The company has a market cap of $3.35 billion, a P/E ratio of -170.11, a PEG ratio of 5.77 and a beta of 0.66.

Insider Buying and Selling at nCino

In other news, 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 sale, the insider now owns 145,953 shares in the company, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sean Desmond sold 5,034 shares of nCino stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the transaction, the chief executive officer now directly owns 306,477 shares of the company’s stock, valued at approximately $9,991,150.20. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,877 shares of company stock worth $2,963,893. 28.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its position in nCino by 15.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,784 shares of the company’s stock valued at $372,000 after purchasing an additional 1,536 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of nCino by 5.9% during the 3rd quarter. Natixis Advisors LLC now owns 14,711 shares of the company’s stock valued at $465,000 after purchasing an additional 822 shares during the period. Thrivent Financial for Lutherans purchased a new stake in shares of nCino during the 3rd quarter valued at about $689,000. Charles Schwab Investment Management Inc. boosted 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 buying an additional 189,283 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in nCino by 16.7% during the third quarter. The Manufacturers Life Insurance Company now owns 23,884 shares of the company’s stock valued at $754,000 after buying an additional 3,417 shares during the period. Hedge funds and other 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.