Comerica Bank lifted its position in nCino, Inc. (NASDAQ:NCNO - Free Report) by 14,357.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 156,720 shares of the company's stock after acquiring an additional 155,636 shares during the quarter. Comerica Bank owned 0.14% of nCino worth $5,263,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. Barclays PLC boosted its holdings in nCino by 22.2% during the 3rd quarter. Barclays PLC now owns 73,014 shares of the company's stock valued at $2,306,000 after acquiring an additional 13,252 shares during the period. Synovus Financial Corp bought a new position in shares of nCino in the third quarter worth about $656,000. Franklin Resources Inc. increased its stake in nCino by 46.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,092,862 shares of the company's stock worth $38,327,000 after buying an additional 344,269 shares during the period. Kings Path Partners LLC bought a new stake in nCino during the 4th quarter valued at about $336,000. Finally, Hilltop National Bank purchased a new stake in nCino in the 4th quarter valued at about $37,000. 94.76% of the stock is owned by hedge funds and other institutional investors.
nCino Price Performance
Shares of NASDAQ NCNO opened at $22.25 on Tuesday. nCino, Inc. has a fifty-two week low of $18.75 and a fifty-two week high of $43.20. The company has a market cap of $2.56 billion, a PE ratio of -130.87, a P/E/G ratio of 5.77 and a beta of 0.71. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95. The business has a 50-day simple moving average of $26.02 and a two-hundred day simple moving average of $32.57.
nCino (NASDAQ:NCNO - Get Free Report) last released its earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.06). The company had revenue of $141.37 million for the quarter, compared to analysts' expectations of $140.81 million. nCino had a positive return on equity of 1.62% and a negative net margin of 3.46%. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. As a group, equities analysts expect that nCino, Inc. will post 0.12 EPS for the current fiscal year.
nCino declared that its Board of Directors has authorized a stock buyback plan on Tuesday, April 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.
Insiders Place Their Bets
In related news, insider April Rieger sold 7,881 shares of nCino stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $20.86, for a total transaction of $164,397.66. Following the completion of the sale, the insider now owns 138,072 shares of the company's stock, valued at $2,880,181.92. The trade was a 5.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gregory Orenstein sold 10,343 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $23.00, for a total transaction of $237,889.00. Following the completion of the transaction, the chief financial officer now owns 470,254 shares in the company, valued at approximately $10,815,842. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 141,060 shares of company stock valued at $3,101,115. 28.40% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the stock. Raymond James reduced their target price on shares of nCino from $42.00 to $32.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Needham & Company LLC lowered their target price on nCino from $45.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Barclays cut their price target on nCino from $44.00 to $24.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods lowered their price objective on shares of nCino from $40.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Finally, Morgan Stanley lowered their price target on shares of nCino from $39.00 to $23.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 2nd. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $30.40.
View Our Latest Stock Report on nCino
nCino Company Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding NCNO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for nCino, Inc. (NASDAQ:NCNO - Free Report).
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