Magnetar Financial LLC Acquires New Holdings in nCino Inc. $NCNO

Magnetar Financial LLC bought a new stake in shares of nCino Inc. (NASDAQ:NCNO) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 56,396 shares of the company’s stock, valued at approximately $1,529,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fieldview Capital Management LLC acquired a new stake in shares of nCino in the third quarter valued at approximately $418,000. Swiss National Bank raised its position in shares of nCino by 1.0% during the 3rd quarter. Swiss National Bank now owns 202,200 shares of the company’s stock worth $5,482,000 after purchasing an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in nCino by 24.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 281,590 shares of the company’s stock valued at $7,634,000 after buying an additional 54,741 shares in the last quarter. Inceptionr LLC purchased a new stake in nCino in the 3rd quarter valued at approximately $436,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in nCino during the 3rd quarter valued at $762,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

NCNO has been the subject of several recent research reports. Zacks Research downgraded nCino from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. UBS Group reaffirmed a “buy” rating and set a $36.00 price objective on shares of nCino in a research note on Tuesday, December 9th. Truist Financial dropped their price objective on nCino from $32.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, December 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of nCino in a research note on Thursday, January 22nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of nCino from $30.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.33.

nCino Price Performance

NCNO opened at $15.22 on Friday. nCino Inc. has a 1 year low of $13.80 and a 1 year high of $33.92. The company’s 50 day simple moving average is $19.84 and its 200 day simple moving average is $24.34. The stock has a market capitalization of $1.74 billion, a PE ratio of -84.53, a P/E/G ratio of 3.11 and a beta of 0.59. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.01 and a current ratio of 1.01.

nCino announced that its Board of Directors has approved a stock buyback program on Monday, December 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at nCino

In other nCino news, CEO Sean Desmond sold 16,047 shares of nCino stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $18.68, for a total value of $299,757.96. Following the transaction, the chief executive officer owned 602,550 shares in the company, valued at $11,255,634. This trade represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jeanette Sellers sold 2,182 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $18.26, for a total transaction of $39,843.32. Following the sale, the senior vice president directly owned 43,219 shares of the company’s stock, valued at $789,178.94. This represents a 4.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 71,310 shares of company stock valued at $1,382,650 over the last 90 days. 5.70% of the stock is currently owned by insiders.

nCino Profile

nCino, Inc provides a cloud-based banking operating system designed to modernize and streamline processes for financial institutions. Built on a software-as-a-service (SaaS) model, the nCino Bank Operating System integrates key banking functions into a unified platform, enabling banks and credit unions to enhance efficiency, reduce risk and improve customer experiences.

Founded in 2012 as a spinoff from Live Oak Bank, nCino launched its flagship offering to address the needs of commercial and retail lenders seeking to replace legacy systems.