Scotiabank Issues Pessimistic Forecast for nCino (NASDAQ:NCNO) Stock Price

nCino (NASDAQ:NCNO) had its target price lowered by equities researchers at Scotiabank from $42.00 to $35.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 21.02% from the stock’s previous close.

NCNO has been the subject of several other research reports. Needham & Company LLC raised their price objective on shares of nCino from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Stephens reissued an “equal weight” rating and set a $38.00 target price on shares of nCino in a research note on Thursday, March 20th. Barclays upgraded shares of nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 price objective for the company in a report on Monday, January 6th. Keefe, Bruyette & Woods raised their target price on shares of nCino from $41.00 to $49.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Finally, 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. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.36.

nCino Trading Down 1.9 %

Shares of NCNO opened at $28.92 on Thursday. The company’s fifty day simple moving average is $31.44 and its 200-day simple moving average is $34.15. 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. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino has a twelve month low of $27.29 and a twelve month high of $43.20.

Insider Activity

In other news, insider April Rieger sold 4,325 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $140,995.00. Following the transaction, the insider now directly owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. This represents a 2.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gregory Orenstein sold 5,148 shares of nCino stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $167,824.80. Following the sale, the chief financial officer now directly owns 271,744 shares of the company’s stock, valued at $8,858,854.40. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,877 shares of company stock worth $2,963,893 over the last 90 days. 28.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On nCino

Hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP grew its holdings in nCino by 171.9% during the fourth quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company’s stock worth $207,450,000 after acquiring an additional 3,905,802 shares during the period. Invesco Ltd. grew its stake in shares of nCino by 3,006.0% during the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company’s stock worth $87,392,000 after purchasing an additional 2,518,707 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of nCino during the 4th quarter valued at approximately $81,254,000. Conestoga Capital Advisors LLC acquired a new position in shares of nCino in the 4th quarter valued at $70,256,000. Finally, T. Rowe Price Investment Management Inc. grew its position in nCino by 139.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company’s stock valued at $108,834,000 after buying an additional 1,889,283 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

nCino Company Profile

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.