nCino (NASDAQ:NCNO) Shares Gap Up After 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 trading hands.

NCNO has been the topic of a number of other reports. The Goldman Sachs Group lowered shares of nCino from a "buy" rating to a "neutral" rating and dropped their price target for the company from $42.00 to $24.00 in a research report on Wednesday, April 2nd. JMP Securities restated a "market outperform" rating and set a $32.00 price objective on shares of nCino in a research note on Tuesday. Barclays restated an "overweight" rating and set a $31.00 target price (up previously from $24.00) on shares of nCino in a research report on Thursday. UBS Group set a $40.00 price objective on shares of nCino in a research note on Friday, March 28th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $26.00 price objective (up previously from $19.00) on shares of nCino in a research note on Wednesday, May 21st. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $30.80.

Insider Activity

In other nCino news, CEO Sean Desmond sold 2,301 shares of the stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $22.31, for a total transaction of $51,335.31. Following the transaction, the chief executive officer now owns 296,296 shares in the company, valued at $6,610,363.76. This trade represents a 0.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeanette Sellers sold 2,501 shares of the firm's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $21.51, for a total value of $53,796.51. Following the completion of the transaction, the vice president now owns 19,099 shares in the company, valued at $410,819.49. The trade was a 11.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,060 shares of company stock worth $3,101,115. Corporate 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 NCNO. Asset Management One Co. Ltd. lifted its position in shares of nCino by 16.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock valued at $78,000 after buying an additional 323 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of nCino by 2.9% in the 4th 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. Berry Wealth Group LP increased its position in nCino by 5.1% during the 4th quarter. Berry Wealth Group LP now owns 8,207 shares of the company's stock valued at $276,000 after buying an additional 400 shares in the last quarter. Advisors Capital Management LLC increased its position in nCino by 0.7% during the 1st quarter. Advisors Capital Management LLC now owns 66,270 shares of the company's stock valued at $1,820,000 after buying an additional 479 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of nCino by 2.2% in the 4th quarter. Handelsbanken Fonder AB now owns 23,000 shares of the company's stock worth $772,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 94.76% of the company's stock.

nCino Trading Up 0.4%

The firm has a market cap of $3.05 billion, a P/E ratio of -155.52, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a fifty day simple moving average of $24.41 and a 200 day simple moving average of $30.84.

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). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business had revenue of $141.37 million during the quarter, compared to analysts' expectations of $140.81 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. nCino's revenue was up 14.3% on a year-over-year basis. On average, research analysts expect that nCino, Inc. will post 0.12 earnings per share for the current fiscal year.

nCino declared that its Board of Directors has initiated a stock repurchase program on Tuesday, April 1st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

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.