Truist Financial Reaffirms Buy Rating for nCino (NASDAQ:NCNO)

Truist Financial reissued their buy rating on shares of nCino (NASDAQ:NCNO) in a research note issued to investors on Monday morning, Benzinga reports. Truist Financial currently has a $44.00 target price on the stock, up from their prior target price of $37.00.

A number of other brokerages have also commented on NCNO. Needham & Company LLC cut their price target on shares of nCino from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 28th. William Blair reiterated an “outperform” rating on shares of nCino in a research report on Wednesday, August 28th. Macquarie restated an “outperform” rating and set a $40.00 price objective on shares of nCino in a research report on Wednesday, August 28th. Stephens reiterated an “equal weight” rating and issued a $35.00 target price on shares of nCino in a report on Wednesday, August 28th. Finally, The Goldman Sachs Group upgraded shares of nCino from a “neutral” rating to a “buy” rating and raised their price target for the stock from $34.00 to $42.00 in a report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, nCino currently has an average rating of “Moderate Buy” and an average price target of $38.82.

nCino Stock Up 1.6 %

NASDAQ NCNO opened at $37.55 on Monday. The business has a fifty day moving average price of $32.07 and a two-hundred day moving average price of $31.58. The stock has a market capitalization of $4.32 billion, a PE ratio of -121.13, a PEG ratio of 26.59 and a beta of 0.59. nCino has a fifty-two week low of $27.27 and a fifty-two week high of $37.86. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.08 and a quick ratio of 1.08.

nCino (NASDAQ:NCNO) last posted its earnings results on Tuesday, August 27th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $132.40 million during the quarter, compared to analysts’ expectations of $131.06 million. nCino had a negative net margin of 5.78% and a positive return on equity of 1.06%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) earnings per share. Equities analysts expect that nCino will post 0.05 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Gregory Orenstein sold 3,885 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $35.05, for a total value of $136,169.25. Following the completion of the sale, the chief financial officer now directly owns 276,892 shares in the company, valued at $9,705,064.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CFO Gregory Orenstein sold 3,885 shares of nCino stock in a transaction on Monday, October 14th. The shares were sold at an average price of $35.05, for a total value of $136,169.25. Following the completion of the sale, the chief financial officer now owns 276,892 shares of the company’s stock, valued at approximately $9,705,064.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William J. Ruh sold 10,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $37.50, for a total transaction of $375,000.00. Following the transaction, the director now owns 226,201 shares in the company, valued at approximately $8,482,537.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,024,080 shares of company stock worth $177,244,658. Company insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On nCino

A number of hedge funds have recently added to or reduced their stakes in the stock. Crewe Advisors LLC bought a new position in shares of nCino in the second quarter valued at approximately $26,000. Benjamin F. Edwards & Company Inc. purchased a new position in nCino during the 1st quarter worth $52,000. Covestor Ltd grew its stake in shares of nCino by 29.6% in the 1st quarter. Covestor Ltd now owns 2,736 shares of the company’s stock worth $102,000 after acquiring an additional 625 shares in the last quarter. Amalgamated Bank raised its holdings in shares of nCino by 28.1% in the second quarter. Amalgamated Bank now owns 5,174 shares of the company’s stock valued at $163,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of nCino by 145.6% during the first quarter. Lazard Asset Management LLC now owns 4,516 shares of the company’s stock valued at $168,000 after purchasing an additional 2,677 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.