3,662,570 Shares in nCino Inc. $NCNO Purchased by Lead Edge Capital Management LLC

Key Points

• Lead Edge Capital Management acquired 3.66 million nCino shares during the second quarter, representing a 3.34% stake and about 10.9% of the fund’s portfolio. Overall, institutional investors own 94.76% of NCNO shares.
• Analyst sentiment remains positive, with nCino carrying a consensus “Moderate Buy” rating and an average price target of $25.50; targets range from $17 to $25 among recently updated forecasts.
• nCino shares opened at $20.95, compared with a 52-week range of $13.80 to $33.92. Insiders have sold 83,350 shares worth about $1.57 million over the past 90 days, primarily to cover tax obligations from equity awards.

Lead Edge Capital Management LLC purchased a new stake in nCino Inc. (NASDAQ:NCNO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,662,570 shares of the company's stock, valued at approximately $59,883,020,000. nCino accounts for about 10.9% of Lead Edge Capital Management LLC's portfolio, making the stock its 6th largest position. Lead Edge Capital Management LLC owned 3.34% of nCino as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. HMI Capital Management L.P. acquired a new stake in nCino during the 2nd quarter worth approximately $81,598,000. Legal & General Group Plc acquired a new position in shares of nCino in the second quarter valued at approximately $1,474,000. The Manufacturers Life Insurance Company acquired a new position in shares of nCino in the second quarter valued at approximately $901,000. Algert Global LLC purchased a new stake in shares of nCino during the second quarter worth approximately $560,000. Finally, Ranger Investment Management L.P. purchased a new stake in shares of nCino during the second quarter worth approximately $15,942,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NCNO shares. JPMorgan Chase & Co. increased their price target on nCino from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Monday, June 22nd. Citigroup restated a "market outperform" rating on shares of nCino in a research report on Monday, June 22nd. Zacks Research downgraded shares of nCino from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Piper Sandler assumed coverage on shares of nCino in a research note on Monday. They set an "overweight" rating and a $25.00 price target on the stock. Finally, Citizens Jmp cut their price target on shares of nCino from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $25.50.

nCino Price Performance

nCino stock opened at $20.95 on Tuesday. nCino Inc. has a one year low of $13.80 and a one year high of $33.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The business has a fifty day moving average of $17.78 and a two-hundred day moving average of $16.85. The company has a market cap of $2.30 billion, a P/E ratio of 174.58 and a beta of 0.66.

Insider Buying and Selling at nCino

In other news, Director Pierre Naude sold 4,677 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total value of $89,891.94. Following the completion of the transaction, the director owned 1,116,707 shares in the company, valued at $21,463,108.54. This trade represents a 0.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Orenstein sold 11,780 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total transaction of $226,411.60. Following the completion of the sale, the chief financial officer owned 690,513 shares of the company's stock, valued at $13,271,659.86. This trade represents a 1.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 83,350 shares of company stock worth $1,568,144. Company insiders own 1.90% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source