nCino (NASDAQ:NCNO) Shares Gap Up on Analyst Upgrade

nCino, Inc. (NASDAQ:NCNO - Get Free Report)'s share price gapped up prior to trading on Thursday after Truist Financial raised their price target on the stock from $21.00 to $27.00. The stock had previously closed at $26.78, but opened at $28.12. Truist Financial currently has a hold rating on the stock. nCino shares last traded at $28.40, with a volume of 247,715 shares.

NCNO has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised their price target on nCino from $28.00 to $33.00 and gave the stock an "outperform" rating in a research report on Thursday. Needham & Company LLC reissued a "buy" rating and issued a $33.00 target price on shares of nCino in a report on Thursday. Piper Sandler reiterated a "neutral" rating and set a $28.00 price target (up previously from $25.00) on shares of nCino in a research report on Thursday. Morgan Stanley boosted their price objective on shares of nCino from $27.00 to $29.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, UBS Group set a $40.00 target price on nCino in a research note on Friday, March 28th. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, nCino presently has a consensus rating of "Hold" and a consensus target price of $30.80.

Insider Activity

In other nCino news, CEO Sean Desmond sold 12,339 shares of the business'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 $283,797.00. Following the sale, the chief executive officer now directly owns 637,405 shares of the company's stock, valued at $14,660,315. The trade was a 1.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider April Rieger sold 7,881 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total transaction of $164,397.66. Following the transaction, the insider now directly owns 138,072 shares of the company's stock, valued at $2,880,181.92. The trade was a 5.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 141,060 shares of company stock valued at $3,101,115. 5.70% of the stock is currently owned by corporate insiders.

Institutional Trading of nCino

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its position in nCino by 22.2% during the 3rd quarter. Barclays PLC now owns 73,014 shares of the company's stock valued at $2,306,000 after purchasing an additional 13,252 shares during the period. Janney Montgomery Scott LLC grew its holdings in nCino by 12.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 9,865 shares of the company's stock worth $331,000 after acquiring an additional 1,072 shares during the period. Fifth Third Bancorp bought a new position in shares of nCino in the 4th quarter worth about $34,000. KBC Group NV lifted its stake in shares of nCino by 3,082.1% in the 4th quarter. KBC Group NV now owns 75,988 shares of the company's stock valued at $2,552,000 after purchasing an additional 73,600 shares during the period. Finally, Precision Wealth Strategies LLC boosted its position in shares of nCino by 5.3% during the 4th quarter. Precision Wealth Strategies LLC now owns 14,278 shares of the company's stock valued at $479,000 after purchasing an additional 714 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

nCino Stock Down 0.5%

The firm has a market cap of $3.02 billion, a price-to-earnings ratio of -153.96, a PEG ratio of 5.77 and a beta of 0.71. The firm has a 50 day moving average of $24.41 and a 200 day moving average of $30.70. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.20.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.06). The company had revenue of $141.37 million for the quarter, compared to analyst estimates of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The business's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period last year, the business earned $0.21 EPS. As a group, sell-side analysts predict that nCino, Inc. will post 0.12 earnings per share for the current year.

nCino declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 1st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

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.