nCino (NASDAQ:NCNO) Shares Gap Up – Here’s Why

nCino Inc. (NASDAQ:NCNO)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $15.19, but opened at $15.97. nCino shares last traded at $16.0940, with a volume of 1,720,249 shares.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler raised nCino from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $30.00 to $22.00 in a research report on Wednesday, April 1st. Robert W. Baird cut their price objective on nCino from $34.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Zacks Research raised nCino from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 31st. Barclays raised their price objective on nCino from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 1st. Finally, Stephens cut their price objective on nCino from $34.00 to $26.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, nCino currently has a consensus rating of “Moderate Buy” and an average price target of $25.21.

nCino Stock Up 5.6%

The firm has a 50 day moving average price of $16.49 and a 200-day moving average price of $20.11. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The firm has a market cap of $1.74 billion, a PE ratio of 322.72 and a beta of 0.72.

nCino (NASDAQ:NCNO) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.16. The business had revenue of $149.67 million during the quarter, compared to analysts’ expectations of $147.41 million. nCino had a return on equity of 4.75% and a net margin of 0.87%.The business’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS. Research analysts forecast that nCino Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In related news, insider April Rieger sold 9,693 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.02, for a total transaction of $174,667.86. Following the completion of the sale, the insider owned 383,601 shares in the company, valued at $6,912,490.02. The trade was a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Pierre Naude sold 35,650 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $642,413.00. Following the sale, the director owned 1,108,473 shares of the company’s stock, valued at approximately $19,974,683.46. The trade was a 3.12% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 164,918 shares of company stock valued at $2,900,939 over the last 90 days. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On nCino

Institutional investors have recently added to or reduced their stakes in the business. CWM LLC lifted its stake in nCino by 255.8% during the fourth quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $29,000 after purchasing an additional 821 shares during the last quarter. AlphaQuest LLC lifted its stake in nCino by 5,022.2% during the third quarter. AlphaQuest LLC now owns 1,383 shares of the company’s stock worth $37,000 after purchasing an additional 1,356 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in nCino during the fourth quarter worth approximately $38,000. Farther Finance Advisors LLC lifted its stake in nCino by 76.2% during the fourth quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company’s stock worth $43,000 after purchasing an additional 722 shares during the last quarter. Finally, Quarry LP increased its position in nCino by 138.2% during the third quarter. Quarry LP now owns 1,701 shares of the company’s stock worth $46,000 after buying an additional 987 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

nCino Company Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.