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

nCino, Inc. (NASDAQ:NCNO) shares gapped down before the market opened 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 traded.

Several other equities research analysts also recently commented on NCNO. Raymond James raised shares of nCino from a “market perform” rating to an “outperform” rating and set a $38.00 target price for the company in a research report on Tuesday, September 3rd. Barclays lifted their target price on nCino from $34.00 to $44.00 and gave the company an “equal weight” rating in a research report on Monday, November 25th. The Goldman Sachs Group raised nCino from a “neutral” rating to a “buy” rating and increased their price target for the company from $34.00 to $42.00 in a research report on Wednesday, August 14th. Macquarie reaffirmed an “outperform” rating and set a $40.00 price objective on shares of nCino in a report on Wednesday, October 23rd. Finally, Stephens increased their target price on shares of nCino from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.31.

Insider Buying and Selling at nCino

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

Institutional Trading of nCino

Several institutional investors and hedge funds have recently made changes to their positions in NCNO. Kayne Anderson Rudnick Investment Management LLC increased its stake in nCino by 8.9% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,782,689 shares of the company’s stock worth $244,766,000 after buying an additional 635,064 shares during the period. Long Path Partners LP grew its stake in nCino by 43.7% in the 3rd quarter. Long Path Partners LP now owns 3,721,406 shares of the company’s stock worth $117,559,000 after acquiring an additional 1,131,271 shares in the last quarter. ShawSpring Partners LLC increased its position in shares of nCino by 115.9% during the third quarter. ShawSpring Partners LLC now owns 2,653,687 shares of the company’s stock worth $83,830,000 after acquiring an additional 1,424,349 shares during the period. ArrowMark Colorado Holdings LLC raised its stake in shares of nCino by 65.1% during the third quarter. ArrowMark Colorado Holdings LLC now owns 2,100,062 shares of the company’s stock valued at $66,341,000 after acquiring an additional 828,124 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of nCino by 55.4% in the third quarter. Brown Brothers Harriman & Co. now owns 2,065,880 shares of the company’s stock valued at $65,261,000 after purchasing an additional 736,627 shares during the period. 94.76% of the stock is currently owned by institutional investors.

nCino Stock Down 7.9 %

The stock has a market cap of $4.52 billion, a PE ratio of -135.37, a price-to-earnings-growth ratio of 34.42 and a beta of 0.59. The business has a fifty day moving average of $37.59 and a 200-day moving average of $33.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.08 and a quick ratio of 1.08.

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.