After Its First Post-IPO Quartely Report, Is nCino a Buy?
Stock for newly public tech company nCino (NASDAQ: NCNO) has been off to the races. The banking software firm priced its July 14 IPO at $31 a share, and it had for a time more than tripled in value in the weeks that followed.
It's still up by more than 160%, and after reporting Thursday on its fiscal 2021 second quarter (which ended July 31), the high-flying stock is holding onto most of those gains. Here's why it's worth putting this newly public company on your watchlist.
nCino built what it calls the "Bank Operating System" using the customer relationship management and data integration cloud platform of salesforce.com (NYSE: CRM) (which is also an investor in it). Financial institutions can use the turnkey software suite to manage everything from new customer onboarding to internal workflows to operational data analytics. On its website, nCino boasts creating real return on investment for its customers, reporting such metrics as an average 92% reduction in servicing costs, a 40% reduction in loan closing times, and a 127% increase in account opening completion rates.
Source Fool.com
