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WILMINGTON, N.C. — Sean Desmond, CEO and President of nCino, Inc. (NASDAQ:NCNO), recently sold 2,301 shares of the company's common stock. The shares were sold at an average price of $22.309, amounting to a total transaction value of approximately $51,333. The stock has shown recent momentum, posting a notable 12.5% gain over the past week, despite being down about 27% over the past six months.
These transactions, dated April 8, were conducted to cover tax withholding obligations upon the vesting of restricted stock units (RSUs). According to the filing, these "sales to cover" are mandated by nCino's equity incentive plans and do not represent discretionary trades by Mr. Desmond. InvestingPro analysis indicates the stock is currently undervalued, with additional insights available through their comprehensive Pro Research Report, which covers over 1,400 US stocks.
Following the sale, Mr. Desmond retains direct ownership of 296,296 shares of nCino. While the company operates with a moderate debt level and isn't currently profitable, analysts expect nCino to achieve profitability this year, with revenue growth of ~7% projected for the upcoming fiscal year.
In other recent news, nCino Inc. has seen a series of updates from various financial analysts following its fiscal announcements. UBS reduced its price target for nCino to $30 from $43, maintaining a Buy rating despite the company's fiscal year 2026 guidance showing subscription and total revenue projections about 6% below Street expectations. BofA Securities raised its price target for nCino to $26 from $22, keeping a Neutral rating and expressing cautious optimism about the company's growth strategy and commitment to achieving FY26 guidance. Keefe, Bruyette & Woods adjusted their price target to $28 from $40, maintaining an Outperform rating, highlighting nCino as a potential turnaround story despite recent guidance misses.
Goldman Sachs downgraded nCino's stock rating from Buy to Neutral, lowering the price target to $24 from $42 due to concerns about slower-than-expected performance in its core commercial business. The downgrade was attributed to internal execution challenges and external factors affecting the commercial and mortgage lending activities. Despite these challenges, Goldman Sachs noted the potential of nCino's new product suite, which could contribute to future growth. Keefe, Bruyette & Woods reiterated confidence in nCino's long-term growth potential, even as the company's revenue guidance led to a significant sell-off.
These developments reflect a mixed outlook among analysts, with some maintaining optimism about nCino's future while others express caution due to current market conditions.
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