Scotiabank Has Lowered Expectations for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its price target cut by Scotiabank from $42.00 to $35.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other research analysts have also recently commented on NCNO. Piper Sandler reissued a “neutral” rating and issued a $38.00 target price on shares of nCino in a report on Thursday, December 5th. Morgan Stanley dropped their price target on nCino from $41.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, December 6th. Macquarie upped their target price on nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. William Blair restated an “outperform” rating on shares of nCino in a report on Thursday, December 5th. Finally, Raymond James reduced their target price on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Tuesday, March 25th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.36.

nCino Stock Down 1.9 %

Shares of NCNO opened at $28.92 on Thursday. The firm has a 50 day simple moving average of $31.44 and a two-hundred day simple moving average of $34.18. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. nCino has a one year low of $27.29 and a one year high of $43.20. The company has a market cap of $3.35 billion, a P/E ratio of -170.11, a P/E/G ratio of 5.77 and a beta of 0.66.

Insider Activity

In other news, Director Pierre Naude sold 17,026 shares of nCino stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $555,047.60. Following the sale, the director now directly owns 1,097,213 shares in the company, valued at $35,769,143.80. The trade was a 1.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sean Desmond sold 5,034 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the transaction, the chief executive officer now owns 306,477 shares of the company’s stock, valued at approximately $9,991,150.20. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,877 shares of company stock worth $2,963,893 over the last three months. 28.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NCNO. California State Teachers Retirement System grew its holdings in nCino by 5.4% during the fourth quarter. California State Teachers Retirement System now owns 85,835 shares of the company’s stock valued at $2,882,000 after purchasing an additional 4,417 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in nCino in the 4th quarter valued at about $227,000. Public Employees Retirement System of Ohio boosted its position in nCino by 30.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 160,216 shares of the company’s stock worth $5,380,000 after purchasing an additional 37,260 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of nCino by 67.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 242,090 shares of the company’s stock worth $8,129,000 after purchasing an additional 97,333 shares in the last quarter. Finally, Woodline Partners LP bought a new stake in nCino during the 4th quarter valued at $216,000. 94.76% of the stock is owned by institutional investors.

About nCino

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 connects financial institution employees, clients and third parties on a single cloud-based platform which include client onboarding, deposit account opening, loan origination, end-to-end mortgage suite, and powerful ecosystem.