nCino (NASDAQ:NCNO) Lowered to Neutral Rating by The Goldman Sachs Group

nCino (NASDAQ:NCNO) was downgraded by stock analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $24.00 target price on the stock. The Goldman Sachs Group’s target price would suggest a potential downside of 14.65% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Barclays upgraded shares of nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a research report on Monday, January 6th. Keefe, Bruyette & Woods cut their target price on shares of nCino from $44.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, March 28th. Scotiabank decreased their price target on shares of nCino from $42.00 to $35.00 and set a “sector outperform” rating for the company in a report on Thursday, March 27th. Piper Sandler lowered their price objective on shares of nCino from $38.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Needham & Company LLC reduced their target price on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.36.

nCino Stock Performance

Shares of nCino stock opened at $28.12 on Wednesday. The firm has a fifty day moving average of $31.22 and a two-hundred day moving average of $34.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -165.40, a PEG ratio of 5.77 and a beta of 0.66. nCino has a 52 week low of $18.12 and a 52 week high of $43.20.

nCino (NASDAQ:NCNO) last announced its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The company had revenue of $141.37 million for the quarter, compared to analyst estimates of $140.81 million. During the same period last year, the firm earned $0.21 earnings per share. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, equities research analysts predict that nCino will post 0.12 EPS for the current year.

nCino declared that its board has authorized a share repurchase program on Tuesday, April 1st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at nCino

In other news, insider April Rieger sold 4,325 shares of the 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 transaction, the insider now directly owns 145,953 shares in the company, valued at $4,758,067.80. This represents a 2.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeff Horing sold 54,876 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the transaction, the director now owns 4,458,591 shares of the company’s stock, valued at $156,050,685. The trade was a 1.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock valued at $2,963,893 in the last ninety days. 28.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Wasatch Advisors LP increased its position in shares of nCino by 171.9% during the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock worth $207,450,000 after purchasing an additional 3,905,802 shares during the last quarter. Invesco Ltd. boosted 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 buying an additional 2,518,707 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of nCino in the fourth quarter valued at $81,254,000. Conestoga Capital Advisors LLC acquired a new position in nCino during the fourth quarter worth $70,256,000. Finally, T. Rowe Price Investment Management Inc. increased its holdings in 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 buying an additional 1,889,283 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

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.