nCino (NASDAQ:NCNO) Hits New 1-Year Low on Analyst Downgrade

nCino, Inc. (NASDAQ:NCNO)’s stock price hit a new 52-week low during trading on Thursday after Raymond James lowered their price target on the stock from $42.00 to $32.00. Raymond James currently has an outperform rating on the stock. nCino traded as low as $18.75 and last traded at $22.59, with a volume of 20082539 shares changing hands. The stock had previously closed at $28.12.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley lowered their price objective on shares of nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Stephens reiterated an “equal weight” rating and issued a $38.00 price target on shares of nCino in a research report on Wednesday. Keefe, Bruyette & Woods cut their price objective on nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, March 28th. Robert W. Baird lowered their target price on nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, December 5th. Finally, Needham & Company LLC dropped their price target on nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, nCino presently has an average rating of “Hold” and a consensus price target of $31.40.

Insider Buying and Selling at nCino

In other nCino news, insider April Rieger sold 4,325 shares of the company’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 $140,995.00. Following the completion of the sale, the insider now directly owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. This represents a 2.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gregory Orenstein sold 5,148 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $167,824.80. Following the completion of the sale, the chief financial officer now owns 271,744 shares of the company’s stock, valued at approximately $8,858,854.40. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,877 shares of company stock valued at $2,963,893. Corporate insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

Several hedge funds and other institutional investors have recently modified their holdings of NCNO. Wasatch Advisors LP lifted its stake in nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock worth $207,450,000 after acquiring an additional 3,905,802 shares in the last quarter. Invesco Ltd. increased its holdings in shares of nCino by 3,006.0% in the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock valued at $87,392,000 after purchasing an additional 2,518,707 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of nCino in the fourth quarter worth approximately $81,254,000. Conestoga Capital Advisors LLC acquired a new stake in shares of nCino during the fourth quarter worth approximately $70,256,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of nCino by 139.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock worth $108,834,000 after purchasing an additional 1,889,283 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

nCino Price Performance

The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $2.62 billion, a PE ratio of -132.87, a P/E/G ratio of 5.77 and a beta of 0.66. The stock’s 50-day moving average is $31.02 and its 200 day moving average is $34.12.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The company had revenue of $141.37 million for the quarter, compared to analysts’ expectations of $140.81 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The company’s revenue was up 14.3% on a year-over-year basis. As a group, equities analysts predict that nCino, Inc. will post 0.12 earnings per share for the current 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 purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.