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nCino (NASDAQ:NCNO) Updates Second Quarter 2023 Earnings Guidance


nCino (NASDAQ: NCNOGet a rating) updated its earnings guidance for the second quarter of 2023 on Wednesday. The company provided earnings per share guidance of -$0.09 to $0.08 for the period, compared to the consensus earnings estimate. per share of -$0.08. The company released a revenue forecast of $97.00-98.00 million, compared to the consensus revenue estimate of $95.50 million. nCino also updated its guidance for fiscal 2023 to -0.30 to $0.28 EPS.

A number of stock analysts have recently commented on the stock. Barclays lowered its price target on nCino shares from $47.00 to $38.00 and set an equal weight rating for the company in a Tuesday May 24 research note. Piper Sandler lowered her price target on nCino shares from $80.00 to $55.00 and set an overweight rating for the company in a Friday, April 1 research note. Robert W. Baird lowered his price target on nCino shares from $60.00 to $55.00 in a Monday, April 4 research report. Zacks Investment Research upgraded nCino’s shares from a sell rating to a hold rating in a Saturday, March 5 research report. Finally, Morgan Stanley began covering nCino shares in a research report on Wednesday, April 13. They issued an overweight rating and a price target of $60.00 for the company. Four analysts gave the stock a hold rating and seven gave the company a buy rating. Based on data from MarketBeat, the stock currently has an average buy rating and a consensus target price of $63.60.

Shares of NASDAQNCNO traded down $0.66 during Wednesday trading hours, hitting $32.01. 1,154,183 shares were traded, against an average volume of 960,466. The company has a quick ratio of 3.62, a current ratio of 3.62 and a leverage ratio of 0.08. The company has a market capitalization of $3.53 billion, a PE ratio of -62.76 and a beta of 0.89. The company has a fifty-day moving average price of $37.17 and a 200-day moving average price of $45.86. nCino has a 12-month low of $23.94 and a 12-month high of $79.43.

nCino (NASDAQ: NCNOGet a rating) last released its quarterly earnings data on Wednesday, June 1. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company posted revenue of $94.21 million in the quarter, versus analyst estimates of $91.42 million. nCino had a negative net margin of 18.06% and a negative return on equity of 11.43%. nCino revenue increased 51.1% year over year. In the same quarter of the previous year, the company posted EPS of ($0.11). As a group, stock analysts expect nCino to post -0.63 earnings per share for the current fiscal year.

In other news, CEO Pierre Naude sold 9,749 shares of the company in a trade on Wednesday, April 6. The shares were sold at an average price of $43.63, for a total value of $425,348.87. As a result of the sale, the CEO now directly owns 920,989 shares of the company, valued at approximately $40,182,750.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Also, Vice President Jeanette Sellers sold 13,566 shares of the company in a trade on Tuesday, April 12. The shares were sold at an average price of $42.76, for a total transaction of $580,082.16. Following the completion of the sale, the vice president now directly owns 27,940 shares of the company, valued at $1,194,714.40. Disclosure of this sale can be found here. Insiders sold a total of 87,487 shares of the company worth $3,730,255 in the past 90 days. 37.20% of the shares are currently held by insiders of the company.

Several hedge funds have recently increased or reduced their stakes in the company. Advisory Services Network LLC purchased a new stake in nCino during the first quarter at a value of $263,000. Walleye Capital LLC increased its holdings in nCino by 225.4% in the first quarter. Walleye Capital LLC now owns 34,801 shares of the company worth $1,426,000 after purchasing an additional 24,107 shares last quarter. Advisors Asset Management Inc. increased its holdings in nCino by 47.9% in the first quarter. Advisors Asset Management Inc. now owns 3,429 shares of the company worth $141,000 after buying 1,111 additional shares in the last quarter. Royal Bank of Canada increased its holdings in nCino by 73.3% in the first quarter. Royal Bank of Canada now owns 15,043 shares of the company worth $616,000 after buying 6,363 more shares last quarter. Finally, Eaton Vance Management increased its stake in nCino by 33.6% during the first quarter. Eaton Vance Management now owns 845,615 shares of the company worth $34,654,000 after purchasing an additional 212,594 shares last quarter.

nCino Company Profile (Get a rating)

nCino, Inc, a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and around the world. Its nCino Bank operating system, a tenant cloud platform, which digitizes, automates and streamlines complex processes and workflows; and uses data analytics, artificial intelligence, and machine learning (AI/ML) to enable banks and credit unions to onboard new customers, make loans, and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.

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