NCNO - Why nCino Stock Was Vaulting Skyward This Week
2024-03-29 10:21:17 ET
The past few days have been kind to nCino (NASDAQ: NCNO) , at least as far as its stock is concerned. Data compiled by S&P Global Market Intelligence reveal that the finance industry software specialist's share price had risen by a meaty 22% week to date as of early Friday morning. An inspiring quarterly and annual earnings report and subsequent analyst price target raises were the main cause of the jump.
On Tuesday shortly after market close, nCino unveiled its fourth-quarter and full-year results for fiscal 2024.
In the fourth quarter, the highly specialized tech company booked revenue of just under $124 million, representing a 13% improvement over the fourth quarter of fiscal 2023 figure. The increase was far more dramatic on the bottom line, with non- GAAP (adjusted) net income enjoying a more than fivefold rise to nearly $24 million, or $0.21 per share.
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Why nCino Stock Was Vaulting Skyward This Week