M&T Bank Corp Trims Position in nCino, Inc. (NASDAQ:NCNO)

M&T Bank Corp trimmed its position in nCino, Inc. (NASDAQ:NCNO) by 13.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,535 shares of the company’s stock after selling 13,765 shares during the quarter. M&T Bank Corp owned approximately 0.08% of nCino worth $2,978,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its holdings in nCino by 643.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,538 shares of the company’s stock valued at $113,000 after purchasing an additional 3,062 shares during the period. Victory Capital Management Inc. bought a new position in nCino in the 3rd quarter worth about $213,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of nCino in the 4th quarter valued at about $228,000. Premier Fund Managers Ltd purchased a new position in shares of nCino during the third quarter worth about $256,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in nCino during the third quarter valued at approximately $272,000. 94.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NCNO has been the topic of several research reports. Piper Sandler restated an “overweight” rating and set a $42.00 price objective on shares of nCino in a research report on Wednesday, March 27th. Robert W. Baird boosted their price objective on shares of nCino from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Wednesday, March 27th. Keefe, Bruyette & Woods started coverage on shares of nCino in a research note on Tuesday, April 9th. They issued an “outperform” rating and a $41.00 price target for the company. William Blair reiterated an “outperform” rating on shares of nCino in a report on Wednesday, March 27th. Finally, Needham & Company LLC lifted their price target on nCino from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.91.

Insider Activity

In other news, Director Insight Holdings Group, Llc sold 1,031,659 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $35.20, for a total transaction of $36,314,396.80. Following the completion of the transaction, the director now directly owns 545,039 shares in the company, valued at approximately $19,185,372.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Insight Holdings Group, Llc sold 1,031,659 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $35.20, for a total transaction of $36,314,396.80. Following the sale, the director now directly owns 545,039 shares in the company, valued at approximately $19,185,372.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider April Rieger sold 27,513 shares of nCino stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $36.09, for a total value of $992,944.17. Following the completion of the transaction, the insider now owns 128,075 shares of the company’s stock, valued at approximately $4,622,226.75. The disclosure for this sale can be found here. Insiders have sold a total of 1,111,908 shares of company stock worth $39,031,513 over the last quarter. Insiders own 38.20% of the company’s stock.

nCino Trading Up 1.5 %

NASDAQ:NCNO opened at $31.34 on Wednesday. nCino, Inc. has a one year low of $21.32 and a one year high of $37.48. The company’s 50-day simple moving average is $31.19 and its 200 day simple moving average is $31.03. The firm has a market capitalization of $3.58 billion, a P/E ratio of -82.47, a PEG ratio of 25.04 and a beta of 0.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.17 and a quick ratio of 1.17.

nCino (NASDAQ:NCNO) last announced its quarterly earnings results on Tuesday, March 26th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.08. nCino had a negative net margin of 8.89% and a positive return on equity of 0.31%. The company had revenue of $123.69 million for the quarter, compared to analysts’ expectations of $124.58 million. As a group, analysts forecast that nCino, Inc. will post 0.05 EPS for the current fiscal year.

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.