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    Robert Trout

    Senior Equity Analyst at Macquarie Capital

    Robert Trout is a Senior Equity Analyst at Macquarie Capital, specializing in coverage of technology and cloud software companies, with a particular focus on nCino and Procore Technologies. He has consistently delivered actionable research, such as maintaining an Outperform rating on nCino and raising its price target following strong quarterly results, and has provided nuanced assessments of Procore Technologies with Neutral ratings and adjusted targets based on market trends. Trout's recent stock recommendations are accessible on financial platforms, though detailed performance metrics like success rates and tip rankings are not publicly listed; his calls have positively correlated with notable company operating margin improvements. He has built his career as a lead analyst at Macquarie Capital over the past several years, and while specifics about previous employers and registration credentials (such as FINRA licensing and securities exams) are not available, his public-facing research and industry visibility underscore a recognized expertise in equity analysis.

    Robert Trout's questions to nCino (NCNO) leadership

    Robert Trout's questions to nCino (NCNO) leadership • Q2 2025

    Question

    Robert Trout inquired about nCino's strategy for pricing new products like Banking Advisor to drive adoption while still demonstrating significant ROI. He also asked about potential ripple effects on the mortgage business from the NAR commission settlement.

    Answer

    CEO Pierre Naude explained their approach involves using existing customer data to prove a clear ROI, then offering an attractive introductory price with usage-based upside to encourage adoption. Regarding the NAR settlement, he expressed confidence that nCino's platform is a net positive, as it provides tools to manage new compensation structures and reduces friction in the home buying process, regardless of how agents are paid.

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