nCino (NASDAQ:NCNO) Downgraded by William Blair to “Market Perform”

William Blair cut shares of nCino (NASDAQ:NCNO) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports.

Several other equities analysts have also issued reports on NCNO. Needham & Company LLC decreased their price objective on nCino from $45.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday. Raymond James reduced their price target on shares of nCino from $44.00 to $42.00 and set an “outperform” rating for the company in a report on Tuesday, March 25th. Stephens restated an “equal weight” rating and set a $38.00 price objective on shares of nCino in a report on Thursday, March 20th. UBS Group assumed coverage on shares of nCino in a research note on Monday, December 16th. They issued a “buy” rating and a $44.00 target price for the company. Finally, Macquarie lifted their price target on nCino from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, nCino has a consensus rating of “Hold” and a consensus price target of $31.40.

nCino Price Performance

nCino stock opened at $22.59 on Wednesday. The firm has a market capitalization of $2.62 billion, a P/E ratio of -132.87, a PEG ratio of 5.77 and a beta of 0.66. The business has a 50-day moving average of $31.02 and a 200-day moving average of $34.12. 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 has a 1 year low of $18.75 and a 1 year high of $43.20.

nCino (NASDAQ:NCNO) last released 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). The firm had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. nCino’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. On average, equities analysts anticipate that nCino will post 0.12 EPS for the current year.

nCino announced that its board has initiated a stock buyback program on Tuesday, April 1st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at nCino

In other nCino news, Director Jeff Horing sold 54,876 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $35.00, for a total value of $1,920,660.00. Following the sale, the director now owns 4,458,591 shares in the company, valued at $156,050,685. This represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider April Rieger sold 4,325 shares of nCino stock in a transaction that occurred 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 owns 145,953 shares of the company’s stock, valued at $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 worth $2,963,893 over the last quarter. 28.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On nCino

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NCNO. California State Teachers Retirement System raised its position in shares of nCino by 5.4% in the fourth quarter. California State Teachers Retirement System now owns 85,835 shares of the company’s stock valued at $2,882,000 after purchasing an additional 4,417 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in nCino in the 4th quarter valued at about $227,000. Public Employees Retirement System of Ohio raised its holdings in nCino by 30.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 160,216 shares of the company’s stock valued at $5,380,000 after acquiring an additional 37,260 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in nCino by 67.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 242,090 shares of the company’s stock worth $8,129,000 after acquiring an additional 97,333 shares during the last quarter. Finally, Woodline Partners LP bought a new stake in shares of nCino during the fourth quarter worth approximately $216,000. 94.76% of the stock is owned by institutional investors.

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.