Bank of New York Mellon Corp Increases Stock Position in nCino Inc. (NASDAQ:NCNO)

Bank of New York Mellon Corp raised its holdings in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 7.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 573,548 shares of the company's stock after purchasing an additional 38,573 shares during the quarter. Bank of New York Mellon Corp owned 0.49% of nCino worth $15,755,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of NCNO. Victory Capital Management Inc. boosted its holdings in shares of nCino by 2.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,124 shares of the company's stock worth $407,000 after buying an additional 340 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in nCino by 22.5% in the 1st quarter. First Horizon Advisors Inc. now owns 2,924 shares of the company's stock worth $80,000 after acquiring an additional 538 shares during the last quarter. Sterling Capital Management LLC increased its holdings in nCino by 1.2% in the 4th quarter. Sterling Capital Management LLC now owns 48,945 shares of the company's stock worth $1,644,000 after acquiring an additional 583 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in nCino by 1.7% in the 4th quarter. Treasurer of the State of North Carolina now owns 36,676 shares of the company's stock worth $1,232,000 after acquiring an additional 620 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in nCino by 0.8% in the 4th quarter. Legal & General Group Plc now owns 92,598 shares of the company's stock worth $3,109,000 after acquiring an additional 697 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on NCNO shares. Scotiabank reissued a "sector perform" rating and issued a $26.00 price objective (up previously from $19.00) on shares of nCino in a report on Wednesday, May 21st. Stephens lifted their price objective on nCino from $24.00 to $28.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 21st. Raymond James Financial decreased their price objective on nCino from $42.00 to $32.00 and set an "outperform" rating for the company in a report on Wednesday, April 2nd. JPMorgan Chase & Co. started coverage on nCino in a report on Wednesday, June 18th. They set a "neutral" rating and a $30.00 target price for the company. Finally, Robert W. Baird raised nCino from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $30.00 to $38.00 in a report on Monday, July 14th. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.94.

Insider Buying and Selling at nCino

In other nCino news, CFO Gregory Orenstein sold 10,343 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.00, for a total value of $237,889.00. Following the transaction, the chief financial officer owned 470,254 shares of the company's stock, valued at approximately $10,815,842. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider April Rieger sold 6,589 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $23.00, for a total value of $151,547.00. Following the completion of the transaction, the insider directly owned 243,551 shares in the company, valued at approximately $5,601,673. This represents a 2.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,049 shares of company stock valued at $1,449,672 in the last ninety days. Corporate insiders own 5.70% of the company's stock.

nCino Price Performance

NASDAQ:NCNO traded down $0.24 during mid-day trading on Wednesday, reaching $30.99. The stock had a trading volume of 968,880 shares, compared to its average volume of 1,560,686. The firm has a 50 day moving average price of $27.47 and a two-hundred day moving average price of $28.30. The stock has a market capitalization of $3.59 billion, a P/E ratio of -119.19, a P/E/G ratio of 31.11 and a beta of 0.77. nCino Inc. has a one year low of $18.75 and a one year high of $43.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.05 and a current ratio of 1.05.

nCino (NASDAQ:NCNO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. nCino had a positive return on equity of 0.19% and a negative net margin of 5.27%. The firm had revenue of $144.14 million during the quarter, compared to the consensus estimate of $139.77 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The business's revenue was up 12.5% on a year-over-year basis. As a group, analysts expect that nCino Inc. will post 0.12 earnings per share for the current year.

nCino announced that its board has initiated a stock repurchase program on Tuesday, April 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

nCino Company Profile

nCino, Inc, a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally. Its nCino Bank Operating System connects financial institution employees, clients and third parties on a single cloud-based platform which include client onboarding, deposit account opening, loan origination, end-to-end mortgage suite, and powerful ecosystem.