nCino (NASDAQ:NCNO) Upgraded by Wall Street Zen to Buy Rating

by · The Markets Daily

Wall Street Zen upgraded shares of nCino (NASDAQ:NCNO – Free Report) from a hold rating to a buy rating in a research note released on Saturday.

NCNO has been the subject of a number of other reports. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of nCino in a research report on Wednesday, June 24th. Zacks Research cut nCino from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Citigroup reaffirmed a “market outperform” rating on shares of nCino in a research note on Monday, June 22nd. Weiss Ratings raised shares of nCino from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, May 28th. Finally, The Goldman Sachs Group cut their price objective on shares of nCino from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.29.

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nCino Trading Up 1.3%

Shares of NASDAQ:NCNO opened at $20.62 on Friday. The business’s 50 day simple moving average is $17.66 and its 200 day simple moving average is $16.87. nCino has a 1 year low of $13.80 and a 1 year high of $33.92. 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 company has a market capitalization of $2.26 billion, a P/E ratio of 171.83 and a beta of 0.66.

Insider Activity

In other nCino news, Director Pierre Naude sold 4,677 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $89,891.94. Following the sale, the director owned 1,116,707 shares of the company’s stock, valued at approximately $21,463,108.54. This trade represents a 0.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sean Desmond sold 11,815 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.53, for a total value of $230,746.95. Following the completion of the sale, the chief executive officer directly owned 1,231,080 shares in the company, valued at approximately $24,042,992.40. This represents a 0.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 83,350 shares of company stock valued at $1,568,144. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of nCino

Several large investors have recently bought and sold shares of the business. Millennium Management LLC increased its position in nCino by 16.6% during the 1st quarter. Millennium Management LLC now owns 303,853 shares of the company’s stock worth $8,347,000 after purchasing an additional 43,247 shares in the last quarter. Woodline Partners LP boosted its position in nCino by 105.3% in the first quarter. Woodline Partners LP now owns 13,227 shares of the company’s stock valued at $363,000 after buying an additional 6,783 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in nCino by 16.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company’s stock valued at $7,731,000 after buying an additional 39,345 shares in the last quarter. Prudential Financial Inc. acquired a new stake in nCino in the second quarter valued at approximately $208,000. Finally, Marshall Wace LLP bought a new stake in shares of nCino during the second quarter worth $4,163,000. 94.76% of the stock is owned by institutional investors and hedge funds.

About nCino

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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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