nCino (NASDAQ:NCNO) Board Authorizes Share Repurchase Program

nCino (NASDAQ:NCNO - Get Free Report) declared that its Board of Directors has initiated a share repurchase plan on Tuesday, April 1st, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

nCino Stock Performance

Shares of NASDAQ NCNO traded down $0.26 during midday trading on Friday, hitting $21.45. 3,429,119 shares of the stock traded hands, compared to its average volume of 1,309,893. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. nCino has a one year low of $18.75 and a one year high of $43.20. The firm has a market capitalization of $2.48 billion, a P/E ratio of -126.17, a PEG ratio of 5.77 and a beta of 0.69. The firm has a 50-day moving average of $30.80 and a two-hundred day moving average of $34.03.

nCino (NASDAQ:NCNO - Get Free Report) last posted its earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. During the same period in the prior year, the company posted $0.21 EPS. The firm's revenue was up 14.3% compared to the same quarter last year. On average, equities analysts forecast that nCino will post 0.12 EPS for the current fiscal year.

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Analysts Set New Price Targets

A number of brokerages have recently commented on NCNO. Bank of America cut nCino from a "buy" rating to a "neutral" rating and set a $22.00 price target on the stock. in a research report on Wednesday. UBS Group set a $40.00 target price on nCino in a research note on Friday, March 28th. Raymond James lowered their price target on nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday. Piper Sandler cut their price objective on shares of nCino from $38.00 to $28.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, Truist Financial lowered shares of nCino from a "buy" rating to a "hold" rating and reduced their price objective for the company from $44.00 to $21.00 in a research note on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, nCino has an average rating of "Hold" and a consensus price target of $30.33.

Insider Buying and Selling at nCino

In related news, CFO Gregory Orenstein sold 5,148 shares of nCino stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $167,824.80. Following the transaction, the chief financial officer now directly owns 271,744 shares in the company, valued at approximately $8,858,854.40. The trade was a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeff Horing sold 54,876 shares of the company's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $35.00, for a total value of $1,920,660.00. Following the completion of the sale, the director now owns 4,458,591 shares of the company's stock, valued at approximately $156,050,685. The trade was a 1.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,877 shares of company stock valued at $2,963,893. Insiders own 28.40% of the company's stock.

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.