nCino (NASDAQ:NCNO) Approves Stock Buyback Plan

nCino (NASDAQ:NCNO) 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.

Analysts Set New Price Targets

NCNO has been the topic of a number of analyst reports. Morgan Stanley dropped their price target on shares of nCino from $41.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday, December 6th. Needham & Company LLC lifted their target price on nCino from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. William Blair reaffirmed an “outperform” rating on shares of nCino in a report on Thursday, December 5th. Piper Sandler reaffirmed a “neutral” rating and set a $38.00 price objective on shares of nCino in a report on Thursday, December 5th. Finally, Scotiabank cut their price objective on nCino from $42.00 to $35.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 27th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $41.36.

nCino Price Performance

Shares of NASDAQ NCNO opened at $28.12 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a fifty day moving average of $31.22 and a 200 day moving average of $34.20. The firm has a market cap of $3.26 billion, a PE ratio of -165.40, a PEG ratio of 5.77 and a beta of 0.66. nCino has a one year low of $27.29 and a one year high of $43.20.

Insider Activity at nCino

In related news, Director Jeff Horing sold 54,876 shares of the stock in a transaction on 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 transaction, the director now directly owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This represents a 1.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider April Rieger sold 4,325 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the sale, the insider now directly owns 145,953 shares of the company’s stock, valued at $4,758,067.80. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,877 shares of company stock valued at $2,963,893. 28.40% of the stock is owned by corporate insiders.

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.