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

Zacks Research cut shares of nCino (NASDAQ:NCNO) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

Several other research analysts have also weighed in on NCNO. Stephens lowered their target price on shares of nCino from $34.00 to $26.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Wall Street Zen upgraded shares of nCino from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of nCino in a report on Thursday, May 28th. Robert W. Baird lowered their price objective on shares of nCino from $34.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Finally, Citigroup reiterated a “market outperform” rating on shares of nCino in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.29.

nCino Price Performance

NASDAQ:NCNO opened at $18.51 on Monday. nCino has a 52 week low of $13.80 and a 52 week high of $33.92. The stock’s fifty day moving average is $16.24 and its two-hundred day moving average is $17.37. The company has a market capitalization of $2.03 billion, a P/E ratio of 154.25 and a beta of 0.68. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Insider Activity at nCino

In related news, Director Pierre Naude sold 35,650 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $18.02, for a total transaction of $642,413.00. Following the sale, the director directly owned 1,108,473 shares of the company’s stock, valued at $19,974,683.46. This represents a 3.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $18.04, for a total transaction of $66,657.80. Following the sale, the senior vice president owned 50,876 shares in the company, valued at approximately $917,803.04. This trade represents a 6.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 119,964 shares of company stock valued at $2,143,529. 1.90% of the stock is owned by company insiders.

Institutional Trading of nCino

A number of large investors have recently modified their holdings of the stock. Senvest Management LLC boosted its holdings in nCino by 30.2% in the first quarter. Senvest Management LLC now owns 5,308,468 shares of the company’s stock valued at $79,521,000 after purchasing an additional 1,230,192 shares during the period. Hawk Ridge Capital Management LP raised its position 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 valued at $67,138,000 after purchasing an additional 3,864,010 shares in the last quarter. Spyglass Capital Management LLC boosted its stake in shares of nCino by 6.0% in the 1st quarter. Spyglass Capital Management LLC now owns 3,085,237 shares of the company’s stock valued at $46,217,000 after buying an additional 175,357 shares during the period. Conestoga Capital Advisors LLC grew its position in shares of nCino by 25.7% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,861,024 shares of the company’s stock worth $73,357,000 after buying an additional 585,786 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of nCino by 475.1% during the third quarter. Bank of America Corp DE now owns 2,513,686 shares of the company’s stock worth $68,146,000 after buying an additional 2,076,579 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.