nCino (NASDAQ:NCNO) Upgraded by Baird R W to "Strong-Buy" Rating

nCino (NASDAQ:NCNO - Get Free Report) was upgraded by equities researchers at Baird R W from a "hold" rating to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

A number of other analysts have also recently weighed in on NCNO. UBS Group set a $28.00 price objective on nCino in a research report on Thursday, May 29th. Barclays reaffirmed an "overweight" rating and set a $31.00 price objective (up from $24.00) on shares of nCino in a research report on Thursday, May 29th. Truist Financial increased their price objective on nCino from $21.00 to $27.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. JPMorgan Chase & Co. assumed coverage on nCino in a research report on Wednesday, June 18th. They set a "neutral" rating and a $30.00 price objective for the company. Finally, Stephens increased their price objective on nCino from $24.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 21st. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, nCino currently has an average rating of "Moderate Buy" and a consensus price target of $30.69.

nCino Stock Performance

NASDAQ:NCNO traded down $0.27 during mid-day trading on Monday, reaching $30.42. 541,250 shares of the stock were exchanged, compared to its average volume of 1,562,554. The company has a 50 day simple moving average of $27.07 and a 200-day simple moving average of $28.39. The stock has a market capitalization of $3.53 billion, a P/E ratio of -116.97, a P/E/G ratio of 30.87 and a beta of 0.77. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.24. nCino has a 1 year low of $18.75 and a 1 year high of $43.20.

nCino (NASDAQ:NCNO - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.16. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. The firm had revenue of $144.14 million for the quarter, compared to the consensus estimate of $139.77 million. During the same quarter last year, the business posted $0.19 EPS. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. Analysts anticipate that nCino will post 0.12 earnings per share for the current fiscal year.

nCino announced that its board has approved a stock repurchase plan on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Sean Desmond sold 12,339 shares of nCino stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $283,797.00. Following the completion of the transaction, the chief executive officer directly owned 637,405 shares of the company's stock, valued at approximately $14,660,315. The trade was a 1.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider April Rieger sold 6,589 shares of nCino stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $151,547.00. Following the transaction, the insider directly owned 243,551 shares of the company's stock, valued at approximately $5,601,673. This represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,049 shares of company stock worth $1,449,672. Corporate insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On nCino

Several hedge funds and other institutional investors have recently bought and sold shares of NCNO. Charles Schwab Investment Management Inc. raised its holdings in nCino by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 566,627 shares of the company's stock worth $19,027,000 after purchasing an additional 9,870 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of nCino by 2.9% in the fourth quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock valued at $407,000 after purchasing an additional 340 shares during the period. PNC Financial Services Group Inc. grew its position in shares of nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock valued at $152,000 after purchasing an additional 1,122 shares during the period. Amundi grew its position in shares of nCino by 312.1% in the fourth quarter. Amundi now owns 6,004 shares of the company's stock valued at $201,000 after purchasing an additional 4,547 shares during the period. Finally, HighTower Advisors LLC grew its position in nCino by 4.2% during the fourth quarter. HighTower Advisors LLC now owns 17,620 shares of the company's stock valued at $592,000 after acquiring an additional 714 shares during the period. 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.