nCino Inc. (NASDAQ:NCNO) Receives $32.33 Consensus PT from Brokerages

nCino Inc. (NASDAQ:NCNO) has been assigned an average recommendation of “Moderate Buy” from the twenty ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $31.4667.

NCNO has been the topic of several analyst reports. UBS Group restated a “buy” rating and set a $36.00 price objective on shares of nCino in a report on Tuesday, December 9th. Barclays reduced their target price on nCino from $34.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday. Keefe, Bruyette & Woods raised their price target on shares of nCino from $34.50 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, December 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of nCino in a report on Thursday, January 22nd. Finally, BTIG Research began coverage on shares of nCino in a research note on Tuesday, December 16th. They set a “neutral” rating on the stock.

nCino Trading Down 7.1%

NASDAQ:NCNO opened at $14.42 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.01 and a current ratio of 1.01. nCino has a one year low of $13.80 and a one year high of $33.92. The business’s 50-day simple moving average is $18.26 and its 200 day simple moving average is $23.36. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -80.11, a price-to-earnings-growth ratio of 3.06 and a beta of 0.59.

nCino declared that its board has approved a share buyback program on Monday, December 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, SVP Jeanette Sellers sold 2,182 shares of nCino stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $18.26, for a total value of $39,843.32. Following the completion of the transaction, the senior vice president owned 43,219 shares in the company, valued at approximately $789,178.94. This trade represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gregory Orenstein sold 10,562 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total value of $197,298.16. Following the completion of the sale, the chief financial officer owned 451,184 shares of the company’s stock, valued at $8,428,117.12. This trade represents a 2.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 69,803 shares of company stock valued at $1,345,743 over the last three months. Company insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in nCino by 1.7% during the third quarter. Vanguard Group Inc. now owns 11,924,703 shares of the company’s stock valued at $323,279,000 after purchasing an additional 201,499 shares during the last quarter. Long Path Partners LP boosted its holdings in shares of nCino by 61.1% in the 2nd quarter. Long Path Partners LP now owns 4,787,869 shares of the company’s stock valued at $133,917,000 after buying an additional 1,815,868 shares during the period. Senvest Management LLC boosted its holdings in shares of nCino by 68.6% in the 4th quarter. Senvest Management LLC now owns 4,078,276 shares of the company’s stock valued at $104,567,000 after buying an additional 1,658,868 shares during the period. Spyglass Capital Management LLC grew its position in shares of nCino by 35.4% during the 4th quarter. Spyglass Capital Management LLC now owns 2,909,880 shares of the company’s stock valued at $74,609,000 after buying an additional 760,790 shares during the last quarter. Finally, Conestoga Capital Advisors LLC grew its position in shares of nCino by 25.7% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,861,024 shares of the company’s stock valued at $73,357,000 after buying an additional 585,786 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

About nCino

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.