nCino (NASDAQ:NCNO) Sets New 52-Week Low – Here’s What Happened

Shares of nCino Inc. (NASDAQ:NCNO) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $13.80 and last traded at $14.0260, with a volume of 1429639 shares trading hands. The stock had previously closed at $15.00.

Wall Street Analysts Forecast Growth

Several analysts recently commented on NCNO shares. Piper Sandler dropped their target price on nCino from $34.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, December 4th. Zacks Research downgraded nCino from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods upped their price objective on nCino from $34.50 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, December 4th. UBS Group reaffirmed a “buy” rating and set a $36.00 price objective on shares of nCino in a research note on Tuesday, December 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of nCino in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, nCino currently has an average rating of “Moderate Buy” and a consensus price target of $31.47.

nCino Trading Down 6.6%

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.01 and a current ratio of 1.01. The company has a 50 day moving average of $17.67 and a two-hundred day moving average of $23.07. The stock has a market cap of $1.61 billion, a PE ratio of -77.83, a price-to-earnings-growth ratio of 2.76 and a beta of 0.59.

nCino announced that its Board of Directors has approved a stock repurchase plan on Monday, December 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider April Rieger sold 8,078 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $18.68, for a total transaction of $150,897.04. Following the completion of the transaction, the insider directly owned 221,696 shares of the company’s stock, valued at $4,141,281.28. This represents a 3.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Pierre Naude sold 24,273 shares of the 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 $453,419.64. Following the transaction, the director owned 1,166,823 shares in the company, valued at $21,796,253.64. This trade represents a 2.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 69,803 shares of company stock valued at $1,345,743. 5.70% of the stock is owned by insiders.

Hedge Funds Weigh In On nCino

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NCNO. Vanguard Group Inc. grew its position in shares of nCino by 1.7% in 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 period. Long Path Partners LP raised its position in shares of nCino by 61.1% during the 2nd quarter. Long Path Partners LP now owns 4,787,869 shares of the company’s stock worth $133,917,000 after purchasing an additional 1,815,868 shares during the last quarter. Senvest Management LLC lifted its stake in 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 in the last quarter. Spyglass Capital Management LLC lifted its stake in nCino by 35.4% in 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 in the last quarter. Finally, Conestoga Capital Advisors LLC boosted its holdings in nCino by 25.7% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,861,024 shares of the company’s stock worth $73,357,000 after buying an additional 585,786 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.