nCino (NASDAQ:NCNO) Downgraded by Piper Sandler to Neutral

Piper Sandler cut shares of nCino (NASDAQ:NCNO – Get Rating) from an overweight rating to a neutral rating in a research note issued to investors on Monday, The Fly reports.

NCNO has been the subject of several other research reports. Stephens dropped their price objective on shares of nCino to $30.00 in a report on Friday, December 2nd. Needham & Company LLC dropped their price objective on shares of nCino from $42.00 to $35.00 and set a buy rating for the company in a report on Thursday, December 1st. Barclays dropped their price objective on shares of nCino from $39.00 to $35.00 in a report on Thursday, December 1st. Morgan Stanley dropped their price objective on shares of nCino from $50.00 to $35.00 and set an overweight rating for the company in a report on Thursday, December 1st. Finally, Robert W. Baird raised shares of nCino from a neutral rating to an outperform rating and set a $35.00 price objective for the company in a report on Wednesday, December 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, nCino presently has a consensus rating of Moderate Buy and a consensus target price of $36.27.

nCino Stock Performance

Shares of nCino stock opened at $21.29 on Monday. The company has a market capitalization of $2.36 billion, a P/E ratio of -26.28 and a beta of 0.36. The company has a fifty day moving average of $27.46 and a 200 day moving average of $28.92. nCino has a fifty-two week low of $19.58 and a fifty-two week high of $47.97.

Insider Buying and Selling

In related news, insider Matthew Royce Hansen sold 6,134 shares of the stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $26.16, for a total value of $160,465.44. Following the sale, the insider now directly owns 148,425 shares of the company’s stock, valued at approximately $3,882,798. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Joshua L. Glover sold 2,985 shares of the stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $31.35, for a total value of $93,579.75. Following the sale, the insider now directly owns 264,121 shares of the company’s stock, valued at approximately $8,280,193.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Royce Hansen sold 6,134 shares of the stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $26.16, for a total transaction of $160,465.44. Following the completion of the sale, the insider now directly owns 148,425 shares in the company, valued at $3,882,798. The disclosure for this sale can be found here. Insiders have sold 17,445 shares of company stock valued at $514,063 in the last ninety days. 37.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On nCino

A number of institutional investors have recently modified their holdings of the stock. Insight Holdings Group LLC increased its position in shares of nCino by 25.4% during the fourth quarter. Insight Holdings Group LLC now owns 39,123,014 shares of the company’s stock worth $1,034,412,000 after acquiring an additional 7,912,118 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of nCino by 7.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 10,806,891 shares of the company’s stock worth $334,149,000 after acquiring an additional 733,676 shares during the period. Vanguard Group Inc. increased its position in shares of nCino by 19.5% during the third quarter. Vanguard Group Inc. now owns 6,996,554 shares of the company’s stock worth $238,653,000 after acquiring an additional 1,143,370 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of nCino by 32.9% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,774,524 shares of the company’s stock worth $196,969,000 after acquiring an additional 1,430,585 shares during the period. Finally, BlackRock Inc. increased its position in shares of nCino by 29.4% during the third quarter. BlackRock Inc. now owns 3,095,956 shares of the company’s stock worth $105,602,000 after acquiring an additional 704,230 shares during the period. 88.69% of the stock is owned by hedge funds and other institutional investors.

nCino Company Profile

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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.