Cornercap Investment Counsel Inc. Sells 7,946 Shares of nCino, Inc. (NASDAQ:NCNO)

Cornercap Investment Counsel Inc. lessened its stake in shares of nCino, Inc. (NASDAQ:NCNO) by 51.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,538 shares of the company’s stock after selling 7,946 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in nCino were worth $238,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. State Board of Administration of Florida Retirement System boosted its holdings in shares of nCino by 2.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 57,993 shares of the company’s stock worth $2,168,000 after acquiring an additional 1,490 shares during the period. Orion Portfolio Solutions LLC grew its holdings in nCino by 22.0% in the 1st quarter. Orion Portfolio Solutions LLC now owns 41,991 shares of the company’s stock valued at $1,570,000 after buying an additional 7,576 shares in the last quarter. Vanguard Group Inc. increased its position in nCino by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 7,122,722 shares of the company’s stock worth $266,247,000 after buying an additional 148,390 shares during the period. Covestor Ltd lifted its holdings in shares of nCino by 29.6% during the first quarter. Covestor Ltd now owns 2,736 shares of the company’s stock worth $102,000 after buying an additional 625 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of nCino by 14.7% during the first quarter. Clearbridge Investments LLC now owns 1,230,194 shares of the company’s stock worth $45,985,000 after buying an additional 157,470 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

nCino Trading Down 0.5 %

NCNO opened at $40.00 on Tuesday. The company has a market cap of $4.62 billion, a P/E ratio of -148.15, a PEG ratio of 33.35 and a beta of 0.55. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09. The company’s 50 day moving average is $34.79 and its 200-day moving average is $32.72. nCino, Inc. has a 1-year low of $27.47 and a 1-year high of $43.20.

nCino (NASDAQ:NCNO) last posted its earnings results on Tuesday, August 27th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $132.40 million for the quarter, compared to analysts’ expectations of $131.06 million. nCino had a negative net margin of 5.78% and a positive return on equity of 1.06%. The company’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. Equities research analysts predict that nCino, Inc. will post 0.05 earnings per share for the current fiscal year.

Insider Activity

In other nCino news, insider Sean Desmond sold 30,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $34.77, for a total value of $1,043,100.00. Following the sale, the insider now owns 341,511 shares in the company, valued at approximately $11,874,337.47. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Gregory Orenstein sold 3,885 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $35.05, for a total transaction of $136,169.25. Following the sale, the chief financial officer now directly owns 276,892 shares of the company’s stock, valued at $9,705,064.60. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,235,582 shares of company stock valued at $117,618,559 over the last quarter. 28.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. The Goldman Sachs Group raised shares of nCino from a “neutral” rating to a “buy” rating and raised their price target for the stock from $34.00 to $42.00 in a research report on Wednesday, August 14th. Truist Financial reaffirmed a “buy” rating and set a $44.00 target price (up from $37.00) on shares of nCino in a report on Monday, October 21st. Raymond James upgraded nCino from a “market perform” rating to an “outperform” rating and set a $38.00 price target for the company in a research note on Tuesday, September 3rd. JMP Securities restated a “market outperform” rating and set a $43.00 price objective on shares of nCino in a research note on Wednesday, August 28th. Finally, Stephens reiterated an “equal weight” rating and set a $35.00 target price on shares of nCino in a research report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.82.

About nCino

nCino, Inc, a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally. Its nCino Bank Operating System connects financial institution employees, clients and third parties on a single cloud-based platform which include client onboarding, deposit account opening, loan origination, end-to-end mortgage suite, and powerful ecosystem.