nCino (NASDAQ:NCNO) Upgraded by Zacks Investment Research to “Hold”

nCino (NASDAQ:NCNOGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “nCino, Inc. is a provider of cloud-based software for financial institutions. nCino, Inc. is based in WILMINGTON, N.C. “

Other analysts have also issued reports about the stock. Piper Sandler cut their price target on shares of nCino from $55.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, June 2nd. Barclays raised their target price on shares of nCino from $38.00 to $39.00 and gave the company an “equal weight” rating in a report on Thursday, June 2nd. Truist Financial lowered their price target on shares of nCino from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, June 2nd. KeyCorp reduced their price objective on shares of nCino from $60.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, June 2nd. Finally, Morgan Stanley reduced their price objective on shares of nCino from $60.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, June 2nd. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $54.78.

Shares of NCNO opened at $36.32 on Thursday. The company has a current ratio of 3.62, a quick ratio of 3.62 and a debt-to-equity ratio of 0.08. The firm has a market cap of $4.00 billion, a P/E ratio of -57.65 and a beta of 0.91. The company’s 50-day moving average price is $36.33 and its 200 day moving average price is $44.78. nCino has a 12-month low of $23.94 and a 12-month high of $79.43.

nCino (NASDAQ:NCNOGet Rating) last issued its quarterly earnings results on Wednesday, June 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $94.21 million for the quarter, compared to analyst estimates of $91.42 million. nCino had a negative net margin of 21.30% and a negative return on equity of 13.52%. The business’s revenue for the quarter was up 51.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) earnings per share. Equities research analysts forecast that nCino will post -0.64 earnings per share for the current year.

In related news, Director Jeffrey W. Lunsford sold 40,000 shares of the stock in a transaction on Monday, June 6th. The shares were sold at an average price of $35.51, for a total value of $1,420,400.00. Following the transaction, the director now directly owns 73,404 shares of the company’s stock, valued at approximately $2,606,576.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Pierre Naude sold 9,749 shares of the firm’s stock in a transaction on Wednesday, April 6th. The stock was sold at an average price of $43.63, for a total transaction of $425,348.87. Following the transaction, the chief executive officer now directly owns 920,989 shares in the company, valued at $40,182,750.07. The disclosure for this sale can be found here. Insiders sold a total of 187,487 shares of company stock worth $7,333,455 over the last ninety days. Insiders own 37.20% of the company’s stock.

Institutional investors have recently modified their holdings of the business. State Board of Administration of Florida Retirement System grew its position in nCino by 59.4% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 52,587 shares of the company’s stock worth $2,885,000 after purchasing an additional 19,596 shares during the last quarter. Goldman Sachs Group Inc. grew its position in nCino by 41.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 908,509 shares of the company’s stock worth $49,841,000 after purchasing an additional 268,139 shares during the last quarter. JPMorgan Chase & Co. grew its position in nCino by 43.4% during the 4th quarter. JPMorgan Chase & Co. now owns 2,540,199 shares of the company’s stock worth $139,355,000 after purchasing an additional 769,036 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in nCino by 21.3% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 52,438 shares of the company’s stock worth $3,725,000 after purchasing an additional 9,204 shares during the last quarter. Finally, Summit Partners Public Asset Management LLC grew its position in nCino by 517.5% during the 4th quarter. Summit Partners Public Asset Management LLC now owns 92,622 shares of the company’s stock worth $5,081,000 after purchasing an additional 77,622 shares during the last quarter.

nCino Company Profile (Get Rating)

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, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable banks and credit unions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.

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