nCino (NASDAQ:NCNO) Downgraded to “Neutral” Rating by The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of nCino (NASDAQ:NCNO) from a buy rating to a neutral rating in a report released on Wednesday morning, MarketBeat reports. The brokerage currently has $24.00 price objective on the stock, down from their previous price objective of $42.00.

Other equities analysts have also recently issued reports about the stock. Stephens reissued an “equal weight” rating and issued a $38.00 price objective on shares of nCino in a research note on Thursday, March 20th. Truist Financial lowered nCino from a “buy” rating to a “hold” rating and dropped their price target for the stock from $44.00 to $21.00 in a research report on Wednesday. Needham & Company LLC decreased their price objective on nCino from $45.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday. Scotiabank dropped their target price on nCino from $42.00 to $35.00 and set a “sector outperform” rating for the company in a report on Thursday, March 27th. Finally, Piper Sandler decreased their price target on nCino from $38.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, nCino currently has an average rating of “Hold” and an average target price of $31.40.

nCino Price Performance

NASDAQ:NCNO opened at $22.59 on Wednesday. The business’s 50-day moving average is $31.02 and its 200 day moving average is $34.12. nCino has a 12 month low of $18.75 and a 12 month high of $43.20. The company has a market capitalization of $2.62 billion, a P/E ratio of -132.87, a P/E/G ratio of 5.77 and a beta of 0.66. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20.

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

nCino announced that its board has initiated a stock repurchase plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other nCino news, Director Jeff Horing sold 54,876 shares of nCino stock in a transaction on Monday, January 6th. The stock was sold at an average price of $35.00, for a total transaction of $1,920,660.00. Following the completion of the sale, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider April Rieger sold 4,325 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $140,995.00. Following the transaction, the insider now directly owns 145,953 shares in the company, valued at $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 86,877 shares of company stock worth $2,963,893 in the last three months. Corporate insiders own 28.40% of the company’s stock.

Institutional Trading of nCino

A number of hedge funds have recently added to or reduced their stakes in NCNO. Vanguard Group Inc. increased its position in nCino by 9.6% during the 4th quarter. Vanguard Group Inc. now owns 10,830,773 shares of the company’s stock valued at $363,697,000 after purchasing an additional 948,282 shares during the period. Wasatch Advisors LP increased its holdings in nCino by 171.9% during the fourth quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock valued at $207,450,000 after buying an additional 3,905,802 shares during the period. Capital International Investors raised its stake in nCino by 57.4% in the fourth quarter. Capital International Investors now owns 4,691,204 shares of the company’s stock worth $157,531,000 after buying an additional 1,710,893 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted 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 period. Finally, Soma Equity Partners LP boosted its position in nCino by 5.7% during the 4th quarter. Soma Equity Partners LP now owns 2,917,681 shares of the company’s stock valued at $97,976,000 after acquiring an additional 156,238 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.