Stock Repurchase Program Authorized by nCino (NASDAQ:NCNO)

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

nCino Price Performance

Shares of NASDAQ:NCNO traded up $0.65 during trading on Tuesday, reaching $28.12. The stock had a trading volume of 3,387,136 shares, compared to its average volume of 1,209,787. 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 1-year low of $19.64 and a 1-year high of $43.20. The stock 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. The business has a fifty day moving average price of $31.22 and a 200-day moving average price of $34.20.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. UBS Group assumed coverage on nCino in a report on Monday, December 16th. They issued a “buy” rating and a $44.00 target price on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a research note on Monday, February 3rd. Piper Sandler reaffirmed a “neutral” rating and set a $38.00 target price on shares of nCino in a research report on Thursday, December 5th. Macquarie boosted their price objective on shares of nCino from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Raymond James cut their price objective on shares of nCino from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Tuesday, March 25th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $41.36.

Insider Buying and Selling at nCino

In other nCino news, Director Jeff Horing sold 54,876 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $35.00, for a total value of $1,920,660.00. Following the transaction, the director now directly owns 4,458,591 shares in the company, valued at $156,050,685. This represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sean Desmond sold 5,034 shares of nCino stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total transaction of $164,108.40. Following the completion of the transaction, the chief executive officer now owns 306,477 shares in the company, valued at approximately $9,991,150.20. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,877 shares of company stock worth $2,963,893 in the last ninety days. 28.40% of the stock is owned by 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.