nCino (NASDAQ:NCNO) Upgraded by Raymond James to Outperform

Raymond James upgraded shares of nCino (NASDAQ:NCNO) from a market perform rating to an outperform rating in a research note published on Tuesday, Marketbeat.com reports. Raymond James currently has $38.00 price objective on the stock.

NCNO has been the subject of a number of other reports. The Goldman Sachs Group upgraded nCino from a neutral rating to a buy rating and increased their price target for the company from $34.00 to $42.00 in a research note on Wednesday, August 14th. Robert W. Baird dropped their price target on nCino from $37.00 to $36.00 and set a neutral rating on the stock in a research note on Thursday, May 30th. JMP Securities reissued a market outperform rating and set a $43.00 price target on shares of nCino in a research report on Wednesday, August 28th. William Blair reaffirmed an outperform rating on shares of nCino in a report on Wednesday, August 28th. Finally, Needham & Company LLC decreased their target price on shares of nCino from $42.00 to $40.00 and set a buy rating for the company in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $38.00.

nCino Stock Performance

nCino stock opened at $30.05 on Tuesday. The company has a 50 day moving average price of $32.11 and a 200-day moving average price of $31.41. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.07 and a current ratio of 1.08. nCino has a fifty-two week low of $27.13 and a fifty-two week high of $37.48. The company has a market capitalization of $3.46 billion, a PE ratio of -96.94, a P/E/G ratio of 17.28 and a beta of 0.58.

nCino (NASDAQ:NCNO) last released its quarterly earnings results on Tuesday, August 27th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. The firm had revenue of $132.40 million during the quarter, compared to analyst estimates of $131.06 million. nCino had a positive return on equity of 1.06% and a negative net margin of 5.78%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) EPS. As a group, equities analysts forecast that nCino will post 0.06 earnings per share for the current year.

Insider Transactions at nCino

In other news, CEO Pierre Naude sold 14,101 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $30.15, for a total transaction of $425,145.15. Following the completion of the transaction, the chief executive officer now directly owns 1,114,239 shares of the company’s stock, valued at approximately $33,594,305.85. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Pierre Naude sold 14,101 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $30.15, for a total transaction of $425,145.15. Following the completion of the transaction, the chief executive officer now directly owns 1,114,239 shares of the company’s stock, valued at approximately $33,594,305.85. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jeanette Sellers sold 1,143 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $30.15, for a total value of $34,461.45. Following the transaction, the vice president now directly owns 26,217 shares of the company’s stock, valued at $790,442.55. The disclosure for this sale can be found here. Insiders sold a total of 6,642,425 shares of company stock valued at $212,241,592 in the last three months. 28.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP raised its stake in nCino by 18.9% in the 4th quarter. Wasatch Advisors LP now owns 2,253,248 shares of the company’s stock valued at $75,777,000 after purchasing an additional 358,766 shares during the last quarter. Bamco Inc. NY raised its stake in nCino by 83.7% in the 1st quarter. Bamco Inc. NY now owns 925,000 shares of the company’s stock valued at $34,576,000 after purchasing an additional 421,500 shares during the last quarter. Simplicity Wealth LLC acquired a new position in nCino in the 2nd quarter valued at $3,530,000. Dimensional Fund Advisors LP raised its stake in nCino by 20.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,034,908 shares of the company’s stock valued at $34,807,000 after purchasing an additional 177,799 shares during the last quarter. Finally, Clearbridge Investments LLC raised its stake in nCino by 14.7% in the 1st quarter. Clearbridge Investments LLC now owns 1,230,194 shares of the company’s stock valued at $45,985,000 after purchasing an additional 157,470 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

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.