nCino, Inc. (NASDAQ:NCNO) Shares Sold by Formula Growth Ltd.

Formula Growth Ltd. reduced its position in nCino, Inc. (NASDAQ:NCNO) by 26.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,000 shares of the company’s stock after selling 4,000 shares during the period. Formula Growth Ltd.’s holdings in nCino were worth $369,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of NCNO. HighTower Advisors LLC grew its stake in nCino by 11.4% during the third quarter. HighTower Advisors LLC now owns 16,906 shares of the company’s stock worth $531,000 after buying an additional 1,724 shares during the period. State Street Corp increased its holdings in nCino by 13.8% in the 3rd quarter. State Street Corp now owns 1,474,208 shares of the company’s stock valued at $46,570,000 after purchasing an additional 178,641 shares in the last quarter. Barclays PLC raised its position in nCino by 22.2% in the third quarter. Barclays PLC now owns 73,014 shares of the company’s stock valued at $2,306,000 after purchasing an additional 13,252 shares during the period. Geode Capital Management LLC lifted its stake in shares of nCino by 26.1% during the third quarter. Geode Capital Management LLC now owns 1,517,512 shares of the company’s stock worth $47,951,000 after purchasing an additional 313,637 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of nCino in the third quarter worth about $189,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

nCino Stock Up 0.1 %

NCNO stock opened at $23.95 on Friday. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of -140.87, a PEG ratio of 5.77 and a beta of 0.69. nCino, Inc. has a 1-year low of $18.75 and a 1-year high of $43.20. The firm has a fifty day moving average price of $28.19 and a two-hundred day moving average price of $33.36. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.95 and a quick ratio of 1.95.

nCino (NASDAQ:NCNO) last announced its quarterly earnings data on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business had revenue of $141.37 million for the quarter, compared to the consensus estimate of $140.81 million. During the same period in the prior year, the company earned $0.21 EPS. nCino’s quarterly revenue was up 14.3% on a year-over-year basis. Research analysts predict that nCino, Inc. will post 0.12 EPS for the current year.

nCino announced that its board has approved a stock repurchase plan on Tuesday, April 1st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NCNO. Truist Financial cut nCino from a “buy” rating to a “hold” rating and decreased their price target for the stock from $44.00 to $21.00 in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods lowered their price target on shares of nCino from $40.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Morgan Stanley cut their price objective on shares of nCino from $39.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 2nd. KeyCorp reaffirmed a “sector weight” rating on shares of nCino in a research report on Monday, February 3rd. Finally, Raymond James lowered their price objective on nCino from $42.00 to $32.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $30.60.

Insider Activity at nCino

In other news, VP Jeanette Sellers sold 2,501 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $21.51, for a total transaction of $53,796.51. Following the completion of the transaction, the vice president now owns 19,099 shares in the company, valued at approximately $410,819.49. This represents a 11.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gregory Orenstein sold 2,356 shares of nCino stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $22.31, for a total transaction of $52,562.36. Following the completion of the sale, the chief financial officer now owns 329,735 shares in the company, valued at approximately $7,356,387.85. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,012 shares of company stock worth $2,694,676 in the last 90 days. 28.40% of the stock is currently owned by company insiders.

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.