3,014,228 Shares in nCino Inc. $NCNO Purchased by Wellington Management Group LLP

Key Points

• Wellington Management initiated a major nCino position, purchasing 3.01 million shares worth approximately $49.3 million, representing a 2.75% stake. Institutional investors collectively own 94.76% of the company.
• Analyst sentiment remains broadly positive: nCino has a consensus “Moderate Buy” rating and an average price target of $24.38, despite some recent target and rating reductions.
• nCino shares opened at $23.63, up 2.9%, with the stock trading well above its 50-day and 200-day moving averages. Company executives recently sold shares to cover tax obligations tied to equity awards.

Wellington Management Group LLP bought a new stake in shares of nCino Inc. (NASDAQ:NCNO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 3,014,228 shares of the company's stock, valued at approximately $49,283,000. Wellington Management Group LLP owned 2.75% of nCino as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Millennium Management LLC boosted its holdings in nCino by 16.6% in the 1st quarter. Millennium Management LLC now owns 303,853 shares of the company's stock valued at $8,347,000 after purchasing an additional 43,247 shares during the period. Woodline Partners LP raised its position in shares of nCino by 105.3% during the first quarter. Woodline Partners LP now owns 13,227 shares of the company's stock valued at $363,000 after buying an additional 6,783 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of nCino by 16.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 281,435 shares of the company's stock valued at $7,731,000 after buying an additional 39,345 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of nCino in the second quarter valued at about $208,000. Finally, Marshall Wace LLP bought a new stake in shares of nCino in the second quarter valued at about $4,163,000. Institutional investors and hedge funds own 94.76% of the company's stock.

Insiders Place Their Bets

In other nCino news, CFO Gregory Orenstein sold 11,780 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $226,411.60. Following the sale, the chief financial officer directly owned 690,513 shares in the company, valued at $13,271,659.86. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sean Desmond sold 28,675 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total value of $551,133.50. Following the transaction, the chief executive officer owned 1,234,831 shares of the company's stock, valued at $23,733,451.82. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 75,976 shares of company stock worth $1,452,687 in the last 90 days. 1.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NCNO has been the topic of several research reports. The Goldman Sachs Group lowered their price target on nCino from $24.00 to $21.00 and set a "neutral" rating on the stock in a research note on Thursday, May 14th. Zacks Research lowered nCino from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of nCino in a research report on Wednesday, August 26th. UBS Group restated a "buy" rating on shares of nCino in a research report on Wednesday, August 26th. Finally, Keefe, Bruyette & Woods upped their target price on nCino from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.38.

nCino Stock Up 2.9%

Shares of NCNO opened at $23.63 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average price of $19.02 and a two-hundred day moving average price of $17.13. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 78.77 and a beta of 0.69. nCino Inc. has a 12 month low of $13.80 and a 12 month high of $31.92.

About nCino

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.

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