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

nCino Inc. (NASDAQ:NCNO) gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Barclays boosted their price objective on nCino from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, April 1st. Robert W. Baird reduced their price objective on nCino from $34.00 to $24.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Citizens Jmp reduced their price objective on nCino from $32.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday, May 18th. Keefe, Bruyette & Woods reduced their price objective on nCino from $36.00 to $24.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. Finally, Piper Sandler upgraded nCino from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $30.00 to $22.00 in a research note on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.21.

nCino Price Performance

The stock has a fifty day moving average of $16.49 and a two-hundred day moving average of $20.11. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 322.72 and a beta of 0.72. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.25.

nCino (NASDAQ:NCNO) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.16. The firm had revenue of $149.67 million for the quarter, compared to analyst estimates of $147.41 million. nCino had a return on equity of 4.75% and a net margin of 0.87%.nCino’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share. On average, equities research analysts anticipate that nCino Inc. will post 0.52 earnings per share for the current year.

Insider Transactions at nCino

In other news, CEO Sean Desmond sold 22,073 shares of nCino stock in a transaction on Monday, May 4th. The stock was sold at an average price of $18.02, for a total transaction of $397,755.46. Following the completion of the transaction, the chief executive officer owned 1,271,016 shares of the company’s stock, valued at $22,903,708.32. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 9,693 shares of nCino stock in a transaction on Monday, May 4th. The stock was sold at an average price of $18.02, for a total value of $174,667.86. Following the transaction, the insider directly owned 383,601 shares of the company’s stock, valued at $6,912,490.02. This trade represents a 2.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 164,918 shares of company stock worth $2,900,939. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On nCino

Several hedge funds have recently added to or reduced their stakes in NCNO. Millennium Management LLC increased its holdings in nCino by 16.6% during the 1st quarter. Millennium Management LLC now owns 303,853 shares of the company’s stock valued at $8,347,000 after acquiring an additional 43,247 shares in the last quarter. Woodline Partners LP increased its holdings in nCino by 105.3% during the 1st quarter. Woodline Partners LP now owns 13,227 shares of the company’s stock valued at $363,000 after acquiring an additional 6,783 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in nCino by 16.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company’s stock valued at $7,731,000 after acquiring an additional 39,345 shares in the last quarter. Prudential Financial Inc. purchased a new position in nCino during the 2nd quarter valued at about $208,000. Finally, Marshall Wace LLP purchased a new position in nCino during the 2nd quarter valued at about $4,163,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.