Franklin Resources Inc. Purchases 344,269 Shares of nCino, Inc. (NASDAQ:NCNO)

Franklin Resources Inc. grew its position in nCino, Inc. (NASDAQ:NCNO) by 46.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,092,862 shares of the company’s stock after acquiring an additional 344,269 shares during the period. Franklin Resources Inc. owned about 0.95% of nCino worth $38,327,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of NCNO. Crewe Advisors LLC bought a new position in shares of nCino in the 2nd quarter valued at about $26,000. Asset Management One Co. Ltd. grew its holdings in nCino by 21.1% during the third quarter. Asset Management One Co. Ltd. now owns 1,956 shares of the company’s stock worth $62,000 after purchasing an additional 341 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in nCino by 97.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,755 shares of the company’s stock worth $87,000 after purchasing an additional 1,358 shares during the period. West Tower Group LLC bought a new position in shares of nCino during the 3rd quarter worth approximately $126,000. Finally, Northwest & Ethical Investments L.P. bought a new position in shares of nCino during the 3rd quarter worth approximately $152,000. Institutional investors own 94.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NCNO. UBS Group began coverage on nCino in a research note on Monday. They set a “buy” rating and a $44.00 target price for the company. Robert W. Baird reduced their price objective on shares of nCino from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, December 5th. Raymond James raised shares of nCino from a “market perform” rating to an “outperform” rating and set a $38.00 target price for the company in a report on Tuesday, September 3rd. Scotiabank upped their price target on shares of nCino from $36.00 to $46.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial restated a “buy” rating and set a $44.00 price objective (up from $37.00) on shares of nCino in a research report on Monday, October 21st. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.50.

nCino Stock Down 1.6 %

NASDAQ NCNO opened at $35.40 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. nCino, Inc. has a 1-year low of $28.09 and a 1-year high of $43.20. The company has a 50 day moving average of $38.56 and a 200-day moving average of $33.94. The company has a market cap of $4.10 billion, a price-to-earnings ratio of -208.24, a PEG ratio of 16.82 and a beta of 0.59.

Insider Activity

In other nCino news, Director William J. Ruh sold 10,000 shares of nCino stock in a transaction on Monday, October 21st. The stock was sold at an average price of $37.50, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 226,201 shares of the company’s stock, valued at $8,482,537.50. The trade was a 4.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeff Horing sold 1,833,975 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $36.62, for a total value of $67,160,164.50. Following the completion of the transaction, the director now directly owns 12,513,467 shares of the company’s stock, valued at approximately $458,243,161.54. This trade represents a 12.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,944,079 shares of company stock worth $180,523,026. Corporate insiders own 28.40% of the company’s stock.

nCino Profile

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.