Dec 05, 2024
Challenges in Mortgage Segment Hurt nCino, Analyst Downgrades Stock
Piper Sandler analyst Brent A. Bracelin downgraded nCino, Inc. (NASDAQ:NCNO) to Neutral from Overweight, with a price forecast of $38. The company reported total revenues for the third quarter of $138.8 million, a 14% increase from the previous year. Subscription revenues also grew 14% year-over-year to $119.9 million, with a non-GAAP operating margin of 20%, up approximately 350 basis points. After the results, Bracelin reduced the 2025 revenue outlook by about $20 million due to lower mortgage