nCino Inc. $NCNO Shares Sold by Senator Investment Group LP

Senator Investment Group LP cut its stake in nCino Inc. (NASDAQ:NCNO) by 27.0% during the 1st quarter, HoldingsChannel reports. The fund owned 932,236 shares of the company’s stock after selling 344,450 shares during the period. Senator Investment Group LP’s holdings in nCino were worth $25,609,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in NCNO. Johnson Financial Group Inc. acquired a new stake in nCino in the fourth quarter valued at $57,000. Covestor Ltd raised its holdings in nCino by 27.6% in the first quarter. Covestor Ltd now owns 2,388 shares of the company’s stock valued at $66,000 after acquiring an additional 517 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in nCino by 22.5% in the first quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company’s stock valued at $80,000 after acquiring an additional 538 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in nCino in the first quarter valued at $82,000. Finally, Asset Management One Co. Ltd. raised its holdings in nCino by 63.1% in the first quarter. Asset Management One Co. Ltd. now owns 3,718 shares of the company’s stock valued at $102,000 after acquiring an additional 1,439 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. JMP Securities boosted their target price on shares of nCino from $32.00 to $35.00 and gave the company a “market outperform” rating in a research note on Monday, June 9th. Raymond James Financial reiterated an “outperform” rating and set a $35.00 target price (up previously from $32.00) on shares of nCino in a research note on Tuesday, July 29th. Truist Financial boosted their target price on shares of nCino from $21.00 to $27.00 and gave the company a “hold” rating in a research note on Thursday, May 29th. UBS Group set a $28.00 target price on shares of nCino in a research note on Thursday, May 29th. Finally, Robert W. Baird upgraded shares of nCino from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $30.00 to $38.00 in a research note on Monday, July 14th. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, nCino currently has a consensus rating of “Moderate Buy” and an average price target of $31.13.

Insider Activity at nCino

In related news, CFO Gregory Orenstein sold 4,155 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $27.45, for a total value of $114,054.75. Following the completion of the sale, the chief financial officer owned 466,099 shares of the company’s stock, valued at $12,794,417.55. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sean Desmond sold 9,550 shares of the company’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $27.45, for a total transaction of $262,147.50. Following the completion of the sale, the chief executive officer directly owned 628,603 shares of the company’s stock, valued at $17,255,152.35. The trade was a 1.50% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,603 shares of company stock worth $593,002. 5.70% of the stock is owned by company insiders.

nCino Stock Up 1.1%

nCino stock opened at $28.06 on Tuesday. The company has a 50-day simple moving average of $28.25 and a 200-day simple moving average of $27.58. The firm has a market capitalization of $3.25 billion, a P/E ratio of -107.92, a P/E/G ratio of 27.64 and a beta of 0.77. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.05 and a current ratio of 1.05. nCino Inc. has a one year low of $18.75 and a one year high of $43.20.

nCino (NASDAQ:NCNO) last released its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The business had revenue of $144.14 million during the quarter, compared to analyst estimates of $139.77 million. nCino had a negative net margin of 5.27% and a positive return on equity of 0.19%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 earnings per share. As a group, equities analysts expect that nCino Inc. will post 0.12 earnings per share for the current 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.