Ameriprise Financial Inc. Purchases 1,694,218 Shares of nCino, Inc. (NASDAQ:NCNO)

Ameriprise Financial Inc. boosted its position in nCino, Inc. (NASDAQ:NCNO - Free Report) by 140.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,900,467 shares of the company's stock after buying an additional 1,694,218 shares during the quarter. Ameriprise Financial Inc. owned approximately 2.50% of nCino worth $97,398,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp acquired a new stake in shares of nCino in the fourth quarter valued at about $34,000. Hilltop National Bank acquired a new stake in nCino in the 4th quarter valued at approximately $37,000. Johnson Financial Group Inc. bought a new position in nCino in the 4th quarter worth approximately $57,000. Asset Management One Co. Ltd. lifted its holdings in shares of nCino by 16.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company's stock worth $78,000 after buying an additional 323 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company's stock valued at $152,000 after acquiring an additional 1,122 shares during the period. Institutional investors own 94.76% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Raymond James cut their target price on shares of nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their target price on nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. William Blair cut shares of nCino from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. The Goldman Sachs Group cut shares of nCino from a "buy" rating to a "neutral" rating and lowered their target price for the company from $42.00 to $24.00 in a research note on Wednesday, April 2nd. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $19.00 price objective (down from $35.00) on shares of nCino in a report on Wednesday, April 2nd. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $30.40.

Insider Transactions at nCino

In other news, VP Jeanette Sellers sold 2,501 shares of the firm's stock in a transaction that occurred on 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 directly owns 19,099 shares of the company's stock, valued at $410,819.49. This trade represents a 11.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sean Desmond sold 2,301 shares of the stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $22.31, for a total transaction of $51,335.31. Following the transaction, the chief executive officer now owns 296,296 shares of the company's stock, valued at $6,610,363.76. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 141,060 shares of company stock valued at $3,101,115 over the last three months. Company insiders own 28.40% of the company's stock.

nCino Stock Up 0.7 %

Shares of NASDAQ NCNO traded up $0.16 during mid-day trading on Friday, reaching $23.93. 2,206,382 shares of the company's stock were exchanged, compared to its average volume of 1,436,864. nCino, Inc. has a twelve month low of $18.75 and a twelve month high of $43.20. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -140.76, a PEG ratio of 5.77 and a beta of 0.71. The business has a fifty day simple moving average of $25.42 and a 200 day simple moving average of $32.17.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $141.37 million during the quarter, compared to the consensus estimate of $140.81 million. During the same period in the previous year, the firm posted $0.21 EPS. The business's quarterly revenue was up 14.3% compared to the same quarter last year. As a group, equities analysts expect that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino declared that its board has authorized a share buyback plan on Tuesday, April 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.