nCino (NASDAQ:NCNO) Given Market Outperform Rating at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of nCino (NASDAQ:NCNO - Free Report) in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $32.00 target price on the stock.

NCNO has been the subject of several other reports. Truist Financial downgraded nCino from a "buy" rating to a "hold" rating and reduced their price target for the company from $44.00 to $21.00 in a report on Wednesday, April 2nd. Morgan Stanley reissued a "positive" rating on shares of nCino in a research report on Friday, May 23rd. Stephens lifted their target price on shares of nCino from $24.00 to $28.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 21st. Keefe, Bruyette & Woods dropped their target price on shares of nCino from $40.00 to $28.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Finally, Needham & Company LLC raised their price target on shares of nCino from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $30.80.

nCino Stock Up 0.4%

NASDAQ:NCNO traded up $0.11 during mid-day trading on Tuesday, hitting $26.44. 2,357,410 shares of the company's stock were exchanged, compared to its average volume of 1,516,681. The company has a market cap of $3.05 billion, a PE ratio of -155.52, a P/E/G ratio of 5.77 and a beta of 0.71. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. nCino has a one year low of $18.75 and a one year high of $43.20. The business has a fifty day moving average price of $24.41 and a 200 day moving average price of $30.84.

nCino (NASDAQ:NCNO - Get Free Report) last released its earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.06). The business had revenue of $141.37 million for the quarter, compared to analysts' expectations of $140.81 million. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. nCino's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 earnings per share. Equities analysts predict that nCino will post 0.12 EPS for the current year.

nCino announced that its Board of Directors has approved a stock buyback program on Tuesday, April 1st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at nCino

In other nCino news, insider April Rieger sold 6,589 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $23.00, for a total transaction of $151,547.00. Following the completion of the sale, the insider now directly owns 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pierre Naude sold 31,123 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $649,225.78. Following the completion of the transaction, the director now owns 1,066,090 shares in the company, valued at $22,238,637.40. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,060 shares of company stock worth $3,101,115. 5.70% of the stock is owned by insiders.

Institutional Investors Weigh In On nCino

Several hedge funds and other institutional investors have recently modified their holdings of NCNO. Wasatch Advisors LP grew its holdings in nCino by 171.9% during the fourth quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock valued at $207,450,000 after purchasing an additional 3,905,802 shares during the period. Invesco Ltd. increased its holdings in nCino by 3,006.0% in the 4th quarter. Invesco Ltd. now owns 2,602,497 shares of the company's stock worth $87,392,000 after acquiring an additional 2,518,707 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in nCino during the 4th quarter worth approximately $81,254,000. Conestoga Capital Advisors LLC purchased a new position in nCino during the fourth quarter valued at approximately $70,256,000. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in nCino by 139.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,241,017 shares of the company's stock valued at $108,834,000 after purchasing an additional 1,889,283 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.