nCino (NASDAQ:NCNO) Shares Gap Up - What's Next?

Shares of nCino Inc. (NASDAQ:NCNO - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $28.82, but opened at $29.96. nCino shares last traded at $29.81, with a volume of 322,271 shares.

Analyst Ratings Changes

NCNO has been the subject of a number of recent research reports. Bank of America boosted their target price on nCino from $22.00 to $26.00 and gave the company a "neutral" rating in a research note on Thursday, April 10th. The Goldman Sachs Group downgraded nCino from a "buy" rating to a "neutral" rating and reduced their price target for the company from $42.00 to $24.00 in a report on Wednesday, April 2nd. Needham & Company LLC restated a "buy" rating and set a $33.00 price target on shares of nCino in a report on Thursday, May 29th. Stephens boosted their price target on nCino from $24.00 to $28.00 and gave the company an "equal weight" rating in a report on Wednesday, May 21st. Finally, Truist Financial boosted their price target on nCino from $21.00 to $27.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.69.

nCino Price Performance

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.24. The company has a market cap of $3.56 billion, a PE ratio of -118.04, a P/E/G ratio of 30.09 and a beta of 0.77. The firm has a 50 day moving average of $26.93 and a two-hundred day moving average of $28.41.

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

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

Insider Activity

In other news, CFO Gregory Orenstein sold 10,343 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $237,889.00. Following the transaction, the chief financial officer directly owned 470,254 shares of the company's stock, valued at $10,815,842. This represents a 2.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider April Rieger sold 6,589 shares of the stock in a transaction on Friday, May 2nd. The shares were 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 in the company, valued at $5,601,673. The trade was a 2.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 63,049 shares of company stock worth $1,449,672. Insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On nCino

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of nCino by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 11,666,955 shares of the company's stock worth $320,491,000 after purchasing an additional 836,182 shares in the last quarter. Wasatch Advisors LP increased its stake in nCino by 171.9% in the 4th quarter. Wasatch Advisors LP now owns 6,177,783 shares of the company's stock worth $207,450,000 after buying an additional 3,905,802 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in nCino by 50.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,867,463 shares of the company's stock worth $133,710,000 after buying an additional 1,626,446 shares in the last quarter. Capital International Investors increased its stake in nCino by 57.4% in the 4th quarter. Capital International Investors now owns 4,691,204 shares of the company's stock worth $157,531,000 after buying an additional 1,710,893 shares in the last quarter. Finally, Soma Equity Partners LP increased its stake in nCino by 5.7% in the 4th quarter. Soma Equity Partners LP now owns 2,917,681 shares of the company's stock worth $97,976,000 after buying an additional 156,238 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

nCino Company Profile

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.