nCino up after Q3 earnings beat; Brokerages raise PT

nCino

30/08/2023 18:59

(Updates)
    ** Shares of cloud-based banking software firm nCino
 NCNO.O  up 7.9% at $31.82
    ** nCino on Tuesday beat Q2 Wall Street earnings estimates 
    ** Total revenue jumped to $117.24 mln from 99.63 mln last
year on the back of an 18% increase in subscription revenue 
        ** Analysts on an average expected total revenue to be
$115 mln - Refinitiv
  
    ** On an adjusted basis, company posted a profit of 9
cents/shr vs IBES estimates of 7 cents/shr
        ** Atleast three brokerages raise PT on nCino after the
results 
  
        ** Seven of 16 brokerages rate the stock "buy" or
higher, and all others rate it "hold"; median PT is $33 -
Refinitiv
  
    ** Including sessions move, shares up ~20% YTD


 Brokerage               New PT  Old PT
 Needham                 $34     $33
 Barclays                $32     $27
 BofA Global             $33     $28
   Research                      
    

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))