Also something to keep in mind is this is selling to large financial institutions, not small businesses. They have 290 customers, who each pay pay ~$480K/year on average in subscription revenue. nCino doesn't need millions of customers, so its sales and support model is built to attract and retain a relatively small number of customers. It's common with large enterprises to see a decent amount of professional services revenue because keeping your existing customers happy is paramount, since churn matters a lot more at these contract values and customer acquisition is a longer process that goes through procurement, bureaucratic red tape, longer implementation, etc.
These high-growth software companies trade at a multiple of revenue, not earnings (for a variety of reasons), so PE is not a relevant metric. It is growing 170% YoY and had arguably the best quarter in enterprise software history. Not to say the valuation is justified, but given its current growth, outlook for the rest of the year (doubled revenue guidance), and large TAM coupled with how other high-growth software companies (DDOG, CRWD, TWLO, WORK, etc) are trading (at or above all-time-highs), it doesn't seem as crazy. Also, Zoom has been a low beta stock in recent months, which is valuable in most portfolios that are generally beta >=1, especially when markets are volatile.