Algebris UK Ltd. Makes New $39.35 Million Investment in nCino Inc. $NCNO

Key Points

• Algebris UK Ltd. acquired 2.41 million nCino shares worth approximately $39.35 million, giving it about 2.2% ownership and making nCino its 17th-largest portfolio holding.
• Institutional ownership remains substantial at 94.76%, with BlackRock, Hawk Ridge Capital, Bank of America, Millennium Management and Senvest among funds that recently increased or initiated positions.
• Analysts maintain a generally positive outlook, with nCino receiving a “Moderate Buy” consensus rating and an average price target of $25.29 versus its reported share price of $20.69; however, Zacks downgraded the stock to “Hold.”

Algebris UK Ltd. purchased a new stake in shares of nCino Inc. (NASDAQ:NCNO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,414,440 shares of the company's stock, valued at approximately $39,352,000. nCino comprises about 2.6% of Algebris UK Ltd.'s investment portfolio, making the stock its 17th biggest position. Algebris UK Ltd. owned approximately 2.20% of nCino at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in nCino during the second quarter worth about $147,492,000. Hawk Ridge Capital Management LP grew its position in nCino by 625.4% in the 1st quarter. Hawk Ridge Capital Management LP now owns 4,481,810 shares of the company's stock valued at $67,138,000 after purchasing an additional 3,864,010 shares during the period. Bank of America Corp DE grew its holdings in nCino by 475.1% during the third quarter. Bank of America Corp DE now owns 2,513,686 shares of the company's stock worth $68,146,000 after buying an additional 2,076,579 shares in the last quarter. Millennium Management LLC lifted its holdings in nCino by 262.8% during the fourth quarter. Millennium Management LLC now owns 2,341,532 shares of the company's stock worth $60,037,000 after acquiring an additional 1,696,051 shares during the period. Finally, Senvest Management LLC increased its holdings in nCino by 68.6% in the 4th quarter. Senvest Management LLC now owns 4,078,276 shares of the company's stock worth $104,567,000 after acquiring an additional 1,658,868 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

nCino Price Performance

Shares of NASDAQ:NCNO opened at $20.69 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $2.27 billion, a P/E ratio of 172.42 and a beta of 0.66. nCino Inc. has a 12 month low of $13.80 and a 12 month high of $33.92. The company's fifty day moving average price is $17.44 and its 200 day moving average price is $16.85.

Insider Activity at nCino

In related 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 completion of the transaction, the chief financial officer directly owned 690,513 shares in the company, valued at approximately $13,271,659.86. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider April Rieger sold 7,852 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 $150,915.44. Following the sale, the insider owned 375,749 shares of the company's stock, valued at approximately $7,221,895.78. The trade was a 2.05% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 83,350 shares of company stock worth $1,568,144. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Zacks Research downgraded shares of nCino from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods restated an "outperform" rating on shares of nCino in a research report on Wednesday, June 24th. Citigroup reiterated a "market outperform" rating on shares of nCino in a research note on Monday, June 22nd. 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 report on Monday, June 22nd. Finally, Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of nCino in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $25.29.

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.

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