nCino (NASDAQ:NCNO) Stock Rating Lowered by Zacks Research

nCino (NASDAQ:NCNO) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms have also recently commented on NCNO. Stephens reduced their target price on nCino from $34.00 to $26.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of nCino in a research note on Wednesday, June 24th. Wall Street Zen upgraded nCino from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Robert W. Baird reduced their price objective on nCino from $34.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. Finally, Citigroup reissued a “market outperform” rating on shares of nCino in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.29.

nCino Stock Performance

nCino stock opened at $18.51 on Monday. nCino has a fifty-two week low of $13.80 and a fifty-two week high of $33.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $2.03 billion, a P/E ratio of 154.25 and a beta of 0.68. The firm’s fifty day moving average price is $16.24 and its 200-day moving average price is $17.37.

Insider Activity at nCino

In other nCino news, insider April Rieger sold 9,693 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $18.02, for a total value of $174,667.86. Following the completion of the sale, the insider directly owned 383,601 shares of the company’s stock, valued at $6,912,490.02. The trade was a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sean Desmond sold 22,073 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $397,755.46. Following the sale, the chief executive officer owned 1,271,016 shares of the company’s stock, valued at approximately $22,903,708.32. The trade was a 1.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 119,964 shares of company stock worth $2,143,529 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Handelsbanken Fonder AB lifted its stake in shares of nCino by 16.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 26,400 shares of the company’s stock valued at $432,000 after acquiring an additional 3,700 shares during the last quarter. Versant Capital Management Inc grew its position in nCino by 664.9% during the 2nd quarter. Versant Capital Management Inc now owns 2,417 shares of the company’s stock worth $40,000 after acquiring an additional 2,101 shares during the last quarter. Optiver Holding B.V. bought a new position in nCino during the 1st quarter worth approximately $32,000. Essential Partners LLC increased its stake in nCino by 9,400.0% in the 1st quarter. Essential Partners LLC now owns 3,800 shares of the company’s stock worth $57,000 after purchasing an additional 3,760 shares during the period. Finally, Edgestream Partners L.P. purchased a new position in nCino in the 1st quarter worth approximately $3,377,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

nCino Company Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.