Zacks Research Downgrades nCino (NASDAQ:NCNO) to Hold

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

A number of other equities research analysts have also recently issued reports on NCNO. Piper Sandler raised shares of nCino from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $30.00 to $22.00 in a report on Wednesday, April 1st. Barclays boosted their price objective on nCino from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, April 1st. Keefe, Bruyette & Woods restated an “outperform” rating on shares of nCino in a research note on Wednesday, June 24th. Stephens decreased their price target on nCino from $34.00 to $26.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Finally, Weiss Ratings upgraded shares of nCino from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.29.

nCino Price Performance

NCNO opened at $18.51 on Monday. The firm has a 50-day moving average price of $16.24 and a 200-day moving average price of $17.37. nCino has a twelve month low of $13.80 and a twelve month high of $33.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 154.25 and a beta of 0.68.

Insider Activity at nCino

In other nCino news, insider April Rieger sold 9,693 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $174,667.86. Following the completion of the sale, the insider owned 383,601 shares of the company’s stock, valued at $6,912,490.02. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 nCino stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.02, for a total transaction of $397,755.46. Following the transaction, the chief executive officer directly owned 1,271,016 shares in the company, valued at $22,903,708.32. This trade represents a 1.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 119,964 shares of company stock worth $2,143,529 in the last quarter. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On nCino

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC boosted its stake in shares of nCino by 255.8% during the fourth quarter. CWM LLC now owns 1,142 shares of the company’s stock valued at $29,000 after purchasing an additional 821 shares during the period. Optiver Holding B.V. bought a new position in shares of nCino during the first quarter valued at approximately $32,000. Los Angeles Capital Management LLC purchased a new stake in shares of nCino in the 4th quarter worth about $38,000. Versant Capital Management Inc lifted its holdings in nCino by 664.9% in the second quarter. Versant Capital Management Inc now owns 2,417 shares of the company’s stock worth $40,000 after buying an additional 2,101 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of nCino by 76.2% in the 4th quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company’s stock worth $43,000 after acquiring an additional 722 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

About nCino

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.