Lead Edge Capital Management LLC Invests $59.88 Million in nCino Inc. $NCNO

Lead Edge Capital Management LLC bought a new stake in nCino Inc. (NASDAQ:NCNO - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,662,570 shares of the company's stock, valued at approximately $59,883,020. nCino comprises 0.0% of Lead Edge Capital Management LLC's portfolio, making the stock its 6th biggest position. Lead Edge Capital Management LLC owned approximately 3.34% of nCino as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Farther Finance Advisors LLC increased its position in shares of nCino by 76.2% in the fourth quarter. Farther Finance Advisors LLC now owns 1,670 shares of the company's stock valued at $43,000 after acquiring an additional 722 shares during the last quarter. Captrust Financial Advisors increased its position in shares of nCino by 1.2% in the third quarter. Captrust Financial Advisors now owns 62,747 shares of the company's stock valued at $1,701,000 after acquiring an additional 743 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of nCino by 14.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,958 shares of the company's stock valued at $153,000 after acquiring an additional 765 shares during the last quarter. CWM LLC increased its position in shares of nCino by 255.8% in the fourth quarter. CWM LLC now owns 1,142 shares of the company's stock valued at $29,000 after acquiring an additional 821 shares during the last quarter. Finally, Quarry LP increased its position in shares of nCino by 138.2% in the third quarter. Quarry LP now owns 1,701 shares of the company's stock valued at $46,000 after acquiring an additional 987 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Insiders Place Their Bets

In related news, SVP Jeanette Sellers sold 1,536 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $19.53, for a total value of $29,998.08. Following the completion of the sale, the senior vice president directly owned 48,453 shares in the company, valued at $946,287.09. The trade was a 3.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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. Also, CEO Sean Desmond sold 28,675 shares of nCino stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total transaction of $551,133.50. Following the completion of the sale, the chief executive officer owned 1,234,831 shares of the company's stock, valued at $23,733,451.82. This trade represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. 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 have sold 83,350 shares of company stock worth $1,568,144 in the last 90 days. Corporate insiders own 1.90% of the company's stock.

nCino Stock Down 1.4%

NCNO opened at $22.99 on Friday. nCino Inc. has a 1-year low of $13.80 and a 1-year high of $32.53. The stock's fifty day simple moving average is $18.35 and its 200 day simple moving average is $16.97. The company has a current ratio of 0.85, a quick ratio of 0.89 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.43 billion, a PE ratio of 76.63 and a beta of 0.66.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of nCino from $24.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, May 14th. JPMorgan Chase & Co. raised their target price on shares of nCino from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Monday, June 22nd. Piper Sandler assumed coverage on shares of nCino in a research note on Monday. They issued an "overweight" rating and a $25.00 target price for the company. Morgan Stanley raised their target price on shares of nCino from $23.00 to $25.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Citigroup reiterated a "market outperform" rating on shares of nCino in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.38.

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.