nCino (NASDAQ:NCNO) Updates FY 2022 Earnings Guidance

nCino (NASDAQ:NCNO) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $-0.230-$-0.220 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.230. The company issued revenue guidance of $263 million-$264 million, compared to the consensus revenue estimate of $259.13 million.nCino also updated its Q3 2022 guidance to $-0.070-$-0.060 EPS.

Shares of NASDAQ NCNO traded up $0.20 during mid-day trading on Wednesday, hitting $74.24. The company had a trading volume of 1,884 shares, compared to its average volume of 973,083. The company has a market capitalization of $7.14 billion, a PE ratio of -142.38 and a beta of 1.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.96 and a quick ratio of 2.96. nCino has a 1-year low of $48.00 and a 1-year high of $90.22. The business’s 50-day simple moving average is $65.09 and its 200 day simple moving average is $64.37.

nCino (NASDAQ:NCNO) last announced its quarterly earnings data on Tuesday, August 31st. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.04. The business had revenue of $66.50 million for the quarter, compared to analysts’ expectations of $63.72 million. nCino had a negative return on equity of 8.95% and a negative net margin of 21.39%. nCino’s revenue was up 36.3% on a year-over-year basis. On average, analysts expect that nCino will post -0.54 EPS for the current year.

Several equities analysts recently commented on the company. Wells Fargo & Company assumed coverage on nCino in a report on Wednesday, June 9th. They issued an equal weight rating and a $70.00 target price on the stock. Zacks Investment Research raised nCino from a sell rating to a hold rating in a report on Wednesday, August 4th. Barclays raised their price objective on nCino from $75.00 to $78.00 and gave the stock an equal weight rating in a report on Thursday, September 2nd. Needham & Company LLC raised their price objective on nCino from $80.00 to $85.00 and gave the stock a buy rating in a report on Thursday, September 2nd. Finally, Barrington Research raised their price objective on nCino from $75.00 to $78.00 and gave the stock an equal weight rating in a report on Thursday, September 2nd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $79.40.

In other news, Director William J. Ruh sold 5,000 shares of nCino stock in a transaction that occurred on Thursday, June 17th. The shares were sold at an average price of $63.03, for a total transaction of $315,150.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at approximately $630,300. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William J. Ruh sold 55,000 shares of nCino stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $74.89, for a total transaction of $4,118,950.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,583 shares of company stock valued at $9,258,726. Insiders own 35.40% of the company’s stock.

A hedge fund recently raised its stake in nCino stock. Morgan Stanley lifted its holdings in shares of nCino, Inc. (NASDAQ:NCNO) by 102.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 439,153 shares of the company’s stock after purchasing an additional 222,582 shares during the period. Morgan Stanley owned about 0.46% of nCino worth $26,313,000 as of its most recent SEC filing. Institutional investors and hedge funds own 90.88% of the company’s stock.

About nCino

nCino, Inc, a software-as-a-service company, provides cloud-based software applications for 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 financial institutions 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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