nCino (NASDAQ:NCNO) Downgraded by Zacks Research to "Hold"

Key Points

• Zacks Research downgraded nCino from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $25.29.
• nCino shares opened at $18.51 and were up 4.9%, with a market capitalization of approximately $2.03 billion. The stock has traded between $13.80 and $33.92 over the past year.
• Institutional investors own 94.76% of nCino’s shares, while insiders have sold nearly 120,000 shares worth about $2.14 million over the past 90 days.

nCino (NASDAQ:NCNO - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also commented on the company. Wall Street Zen raised nCino from a "hold" rating to a "buy" rating in a report on Saturday, April 4th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of nCino in a research report on Wednesday, June 24th. Citizens Jmp decreased their price target on nCino from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, May 18th. Barclays increased their price target on nCino from $21.00 to $22.00 and gave the company an "overweight" rating in a research report on Wednesday, April 1st. Finally, Truist Financial dropped their price objective on nCino from $27.00 to $19.00 and set a "hold" rating on the stock in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, nCino has an average rating of "Moderate Buy" and an average price target of $25.29.

nCino Trading Up 4.9%

NASDAQ:NCNO opened at $18.51 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50-day moving average of $16.24 and a 200-day moving average of $17.37. The company has a market cap of $2.03 billion, a PE ratio of 154.25 and a beta of 0.68. nCino has a one year low of $13.80 and a one year high of $33.92.

Insider Activity

In other news, Director Pierre Naude sold 35,650 shares of the business'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 $642,413.00. Following the transaction, the director owned 1,108,473 shares in the company, valued at $19,974,683.46. The trade was a 3.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jeanette Sellers sold 3,695 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $18.04, for a total transaction of $66,657.80. Following the completion of the transaction, the senior vice president directly owned 50,876 shares in the company, valued at $917,803.04. This trade represents a 6.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 119,964 shares of company stock worth $2,143,529. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of nCino

Several institutional investors and hedge funds have recently bought and sold shares of the company. Algebris UK Ltd. raised its position in shares of nCino by 266.2% in the fourth quarter. Algebris UK Ltd. now owns 1,032,782 shares of the company's stock worth $26,493,000 after buying an additional 750,744 shares in the last quarter. Hsbc Holdings PLC purchased a new position in nCino during the fourth quarter worth about $3,982,000. Hawk Ridge Capital Management LP increased its stake in nCino by 625.4% in the 1st quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company's stock worth $67,138,000 after acquiring an additional 3,864,010 shares during the last quarter. Royce & Associates LP bought a new position in nCino in the 4th quarter worth about $3,681,000. Finally, Comerica Bank raised its holdings in shares of nCino by 49.2% in the 4th quarter. Comerica Bank now owns 337,231 shares of the company's stock valued at $8,647,000 after acquiring an additional 111,182 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other 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.

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