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

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

A number of other research firms have also recently issued reports on NCNO. Stephens restated an “equal weight” rating and set a $38.00 target price on shares of nCino in a research note on Thursday, March 20th. Scotiabank cut their price objective on shares of nCino from $42.00 to $35.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 27th. Keefe, Bruyette & Woods reduced their price objective on nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a 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 research note on Thursday, December 5th. Finally, Raymond James dropped their price target on nCino from $44.00 to $42.00 and set an “outperform” rating for the company in a report on Tuesday, March 25th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, nCino has an average rating of “Hold” and a consensus price target of $35.36.

nCino Price Performance

NASDAQ:NCNO opened at $28.12 on Wednesday. nCino has a 12-month low of $18.12 and a 12-month high of $43.20. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -165.40, a P/E/G ratio of 5.77 and a beta of 0.66. The stock’s 50 day moving average price is $31.22 and its two-hundred day moving average price is $34.20. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. During the same quarter last year, the company posted $0.21 EPS. The firm’s revenue was up 14.3% on a year-over-year basis. On average, analysts anticipate that nCino will post 0.12 earnings per share for the current year.

nCino declared that its Board of Directors has approved a share buyback program on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at nCino

In related news, Director Jeff Horing sold 54,876 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the sale, the director now owns 4,458,591 shares in the company, valued at approximately $156,050,685. This trade represents a 1.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider April Rieger sold 4,325 shares of the business’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 $140,995.00. Following the transaction, the insider now 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 disclosure for this sale can be found here. Insiders sold a total of 86,877 shares of company stock valued at $2,963,893 over the last quarter. 28.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On nCino

Several hedge funds and other institutional investors have recently modified their holdings of the business. Thrivent Financial for Lutherans bought a new stake in shares of nCino during the 3rd quarter worth $689,000. Charles Schwab Investment Management Inc. raised its stake in nCino by 51.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 556,757 shares of the company’s stock worth $17,588,000 after acquiring an additional 189,283 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of nCino by 16.7% in the third quarter. The Manufacturers Life Insurance Company now owns 23,884 shares of the company’s stock worth $754,000 after acquiring an additional 3,417 shares during the last quarter. FMR LLC boosted its stake in shares of nCino by 2.4% in the 3rd quarter. FMR LLC now owns 1,237,227 shares of the company’s stock valued at $39,084,000 after purchasing an additional 29,501 shares in the last quarter. Finally, Glenmede Trust Co. NA bought a new stake in shares of nCino during the 3rd quarter valued at approximately $485,000. Institutional investors own 94.76% of the company’s stock.

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.