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

nCino (NASDAQ:NCNO) declared that its Board of Directors has initiated a stock repurchase plan 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 plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

NCNO has been the subject of several research analyst reports. Barclays upgraded nCino from an “equal weight” rating to an “overweight” rating and set a $44.00 target price for the company in a research note on Monday, January 6th. Keefe, Bruyette & Woods lowered their target price on nCino from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Friday. Piper Sandler restated a “neutral” rating and issued a $38.00 target price on shares of nCino in a report on Thursday, December 5th. KeyCorp reissued a “sector weight” rating on shares of nCino in a research report on Monday, February 3rd. Finally, Needham & Company LLC upped their price target on shares of nCino from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.36.

nCino Trading Up 2.4 %

Shares of NCNO stock traded up $0.65 on Tuesday, hitting $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 current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The firm has a market cap of $3.26 billion, a P/E ratio of -165.40, a PEG ratio of 5.77 and a beta of 0.66. The company has a fifty day moving average price of $31.22 and a two-hundred day moving average price of $34.20. nCino has a twelve month low of $19.64 and a twelve month high of $43.20.

Insider Transactions at nCino

In related news, Director Jeff Horing sold 54,876 shares of nCino stock in a transaction dated 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 sale, the director now owns 4,458,591 shares of the company’s stock, valued at approximately $156,050,685. This trade represents a 1.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider April Rieger sold 4,325 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total transaction of $140,995.00. Following the completion of the sale, the insider now directly owns 145,953 shares in the company, valued at approximately $4,758,067.80. The trade was a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,877 shares of company stock worth $2,963,893. Company 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.