nCino (NASDAQ:NCNO) Issues FY 2023 Earnings Guidance

nCino (NASDAQ:NCNOGet Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided EPS guidance of -$0.30–$0.28 for the period, compared to the consensus EPS estimate of -$0.32. The company issued revenue guidance of $401.00 million-$403.00 million, compared to the consensus revenue estimate of $398.78 million.nCino also updated its Q2 2023 guidance to -$0.09–$0.08 EPS.

Shares of nCino stock opened at $36.10 on Wednesday. nCino has a 52 week low of $23.94 and a 52 week high of $79.43. The company has a current ratio of 3.62, a quick ratio of 3.62 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average is $36.46 and its two-hundred day moving average is $44.84.

nCino (NASDAQ:NCNOGet Rating) last announced its earnings results on Wednesday, June 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $94.21 million for the quarter, compared to analyst estimates of $91.42 million. nCino had a negative net margin of 21.30% and a negative return on equity of 13.52%. The company’s revenue for the quarter was up 51.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. On average, sell-side analysts anticipate that nCino will post -0.64 EPS for the current year.

NCNO has been the topic of a number of research reports. Stephens lowered their target price on shares of nCino to $40.00 in a research report on Friday, June 3rd. Robert W. Baird lowered their price objective on shares of nCino from $60.00 to $55.00 in a research report on Monday, April 4th. Truist Financial lowered their price objective on shares of nCino from $80.00 to $70.00 and set a buy rating on the stock in a research report on Thursday, June 2nd. Piper Sandler lowered their price objective on shares of nCino from $55.00 to $50.00 and set an overweight rating on the stock in a research report on Thursday, June 2nd. Finally, Morgan Stanley lowered their price objective on shares of nCino from $60.00 to $50.00 and set an overweight rating on the stock in a research report on Thursday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $54.78.

In other news, Director Jeffrey W. Lunsford sold 40,000 shares of nCino stock in a transaction on Monday, June 6th. The stock was sold at an average price of $35.51, for a total transaction of $1,420,400.00. Following the completion of the transaction, the director now owns 73,404 shares of the company’s stock, valued at approximately $2,606,576.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Pierre Naude sold 9,749 shares of nCino stock in a transaction on Wednesday, April 6th. The stock was sold at an average price of $43.63, for a total value of $425,348.87. Following the transaction, the chief executive officer now directly owns 920,989 shares of the company’s stock, valued at approximately $40,182,750.07. The disclosure for this sale can be found here. In the last three months, insiders sold 187,487 shares of company stock valued at $7,333,455. 37.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in nCino by 24.3% during the 1st quarter. Bank of America Corp DE now owns 68,551 shares of the company’s stock worth $2,809,000 after purchasing an additional 13,414 shares in the last quarter. Advisory Services Network LLC purchased a new stake in nCino during the 1st quarter worth about $263,000. Walleye Capital LLC increased its position in nCino by 225.4% during the 1st quarter. Walleye Capital LLC now owns 34,801 shares of the company’s stock worth $1,426,000 after purchasing an additional 24,107 shares in the last quarter. Advisors Asset Management Inc. increased its position in nCino by 47.9% during the 1st quarter. Advisors Asset Management Inc. now owns 3,429 shares of the company’s stock worth $141,000 after purchasing an additional 1,111 shares in the last quarter. Finally, Royal Bank of Canada increased its position in nCino by 73.3% during the 1st quarter. Royal Bank of Canada now owns 15,043 shares of the company’s stock worth $616,000 after purchasing an additional 6,363 shares in the last quarter.

About nCino (Get Rating)

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, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable banks and credit unions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.

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