nCino (NASDAQ:NCNO) to Repurchase $100.00 million in Outstanding Stock

nCino (NASDAQ:NCNO) declared that its board has authorized a share buyback plan on Tuesday, April 1st, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Robert W. Baird dropped their target price on nCino from $43.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, December 5th. William Blair lowered shares of nCino from an “outperform” rating to a “market perform” rating in a report on Wednesday. Stephens reissued an “equal weight” rating and set a $38.00 price target on shares of nCino in a report on Wednesday. Keefe, Bruyette & Woods cut their price objective on shares of nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, March 28th. Finally, KeyCorp reissued a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $31.40.

nCino Stock Performance

NASDAQ NCNO opened at $22.59 on Thursday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95. The stock’s 50 day simple moving average is $31.02 and its 200-day simple moving average is $34.12. The company has a market cap of $2.62 billion, a PE ratio of -132.87, a price-to-earnings-growth ratio of 5.77 and a beta of 0.66. nCino has a 1-year low of $18.75 and a 1-year high of $43.20.

nCino (NASDAQ:NCNO) last posted 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 firm had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same period in the prior year, the company posted $0.21 earnings per share. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, equities research analysts anticipate that nCino will post 0.12 EPS for the current fiscal year.

Insider Transactions at nCino

In other news, CEO Sean Desmond sold 5,034 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $164,108.40. Following the transaction, the chief executive officer now directly owns 306,477 shares in the company, valued at $9,991,150.20. The trade was a 1.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider April Rieger sold 4,325 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $140,995.00. Following the completion of the sale, the insider now directly owns 145,953 shares of the company’s stock, valued at approximately $4,758,067.80. This represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,877 shares of company stock valued at $2,963,893. Corporate insiders own 28.40% of the company’s stock.

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.