nCino (NASDAQ:NCNO) Releases Quarterly Earnings Results, Misses Expectations By $0.14 EPS

nCino (NASDAQ:NCNO) announced its quarterly earnings results on Wednesday. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.14), Zacks reports. nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%.

nCino Stock Down 0.7%

NCNO stock traded down $0.20 during mid-day trading on Wednesday, hitting $26.78. 3,271,489 shares of the company were exchanged, compared to its average volume of 1,506,571. The company has a market capitalization of $3.09 billion, a PE ratio of -157.52, a price-to-earnings-growth ratio of 5.77 and a beta of 0.71. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino has a twelve month low of $18.75 and a twelve month high of $43.20. The firm has a fifty day simple moving average of $24.55 and a 200 day simple moving average of $31.09.

nCino declared that its Board of Directors has authorized a stock buyback program on Tuesday, April 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Sean Desmond sold 7,880 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $20.86, for a total value of $164,376.80. Following the transaction, the chief executive officer now directly owns 298,597 shares in the company, valued at approximately $6,228,733.42. This trade represents a 2.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Gregory Orenstein sold 12,101 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $252,426.86. Following the completion of the transaction, the chief financial officer now owns 259,643 shares in the company, valued at approximately $5,416,152.98. The trade was a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 141,060 shares of company stock valued at $3,101,115 in the last ninety days. Corporate insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On nCino

Several large investors have recently bought and sold shares of the stock. Woodline Partners LP increased its stake 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 buying an additional 6,783 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 buying an additional 39,345 shares during the period. Finally, Millennium Management LLC increased its stake 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 buying an additional 43,247 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on NCNO shares. Morgan Stanley reissued a “positive” rating on shares of nCino in a research report on Friday, May 23rd. Scotiabank reiterated a “sector perform” rating and set a $26.00 price target (up from $19.00) on shares of nCino in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods lowered their target price on shares of nCino from $40.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Piper Sandler reduced their price target on shares of nCino from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price target on shares of nCino in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, nCino presently has a consensus rating of “Hold” and a consensus price target of $30.07.

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.