Bank of America Corp DE Takes $84.32 Million Position in nCino Inc. $NCNO

Key Points

• Bank of America acquired 5.16 million nCino shares worth approximately $84.3 million, giving it a 4.71% stake. Institutional investors and hedge funds collectively own 94.76% of the company.
• Analysts remain broadly bullish, with an average “Moderate Buy” rating and a $24.38 price target. Several firms recently raised their targets to $25, compared with nCino’s reported share price of $21.05.
• nCino shares have traded between $13.80 and $30.79 over the past year, while insiders sold 90,138 shares worth about $1.78 million in the last 90 days, primarily to cover tax obligations on vested equity awards.

Bank of America Corp DE acquired a new position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 5,157,098 shares of the company's stock, valued at approximately $84,319,000. Bank of America Corp DE owned 4.71% of nCino at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NCNO. Optiver Holding B.V. bought a new stake in nCino during the first quarter worth approximately $32,000. Versant Capital Management Inc raised its position in shares of nCino by 664.9% during the second quarter. Versant Capital Management Inc now owns 2,417 shares of the company's stock worth $40,000 after purchasing an additional 2,101 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of nCino by 5,250.0% during the first quarter. EverSource Wealth Advisors LLC now owns 3,317 shares of the company's stock valued at $50,000 after purchasing an additional 3,255 shares during the last quarter. Essential Partners LLC lifted its holdings in shares of nCino by 9,400.0% during the first quarter. Essential Partners LLC now owns 3,800 shares of the company's stock valued at $57,000 after purchasing an additional 3,760 shares during the last quarter. Finally, Himension Capital Singapore PTE. LTD. acquired a new position in shares of nCino in the 1st quarter valued at $105,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup reiterated a "market outperform" rating on shares of nCino in a report on Wednesday, August 26th. Morgan Stanley upped their price target on shares of nCino from $23.00 to $25.00 and gave the company an "overweight" rating in a research report on Wednesday, August 26th. Keefe, Bruyette & Woods upped their price target on shares of nCino from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, August 26th. Citizens Jmp raised their price objective on shares of nCino from $23.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 26th. Finally, Piper Sandler initiated coverage on shares of nCino in a research report on Monday, August 24th. They set an "overweight" rating and a $25.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $24.38.

nCino Stock Performance

Shares of NCNO stock opened at $21.05 on Friday. nCino Inc. has a fifty-two week low of $13.80 and a fifty-two week high of $30.79. The stock's 50-day moving average is $20.08 and its two-hundred day moving average is $17.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $2.23 billion, a P/E ratio of 70.17 and a beta of 0.69.

Insider Transactions at nCino

In other news, SVP Jeanette Sellers sold 1,536 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.53, for a total transaction of $29,998.08. Following the transaction, the senior vice president owned 48,453 shares in the company, valued at $946,287.09. This represents a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, insider April Rieger sold 7,852 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.22, for a total transaction of $150,915.44. Following the transaction, the insider owned 375,749 shares in the company, valued at $7,221,895.78. This represents a 2.05% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 90,138 shares of company stock valued at $1,777,515 in the last ninety days. 1.90% of the stock is currently owned by insiders.

About nCino

nCino, Inc NASDAQ: NCNO provides cloud-based software designed to help banks, credit unions and other financial institutions manage and modernize their operations. Its platform, known as the nCino Bank Operating System, is built to streamline processes, improve collaboration and provide a unified view of customer and financial data.

The company's products support commercial, small-business, consumer and mortgage lending, as well as account opening, deposit origination, onboarding, credit analysis, portfolio management and regulatory compliance.

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