Bank of New York Mellon Corp Makes New Investment in nCino Inc. $NCNO

Key Points

• Bank of New York Mellon acquired 558,567 nCino shares worth approximately $9.1 million, giving it a 0.51% stake. Institutional investors and hedge funds collectively own 94.76% of the company.
• nCino shares recently traded at $22.96, up 3.0%, with a market capitalization of $2.43 billion. Analysts hold a “Moderate Buy” consensus rating and an average price target of $24.38.
• Insiders sold 75,976 shares worth about $1.45 million over the past quarter, primarily to cover tax obligations tied to vested equity awards; insiders retain a 1.90% ownership stake.

Bank of New York Mellon Corp acquired a new stake in nCino Inc. (NASDAQ:NCNO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 558,567 shares of the company's stock, valued at approximately $9,133,000. Bank of New York Mellon Corp owned 0.51% of nCino at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its stake 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 in the last quarter. Captrust Financial Advisors grew its stake in nCino by 1.2% during the 3rd quarter. Captrust Financial Advisors now owns 62,747 shares of the company's stock worth $1,701,000 after purchasing an additional 743 shares in the last quarter. Steward Partners Investment Advisory LLC increased its holdings in nCino by 14.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,958 shares of the company's stock worth $153,000 after purchasing an additional 765 shares during the period. CWM LLC increased its holdings in nCino by 255.8% during the 4th quarter. CWM LLC now owns 1,142 shares of the company's stock worth $29,000 after purchasing an additional 821 shares during the period. Finally, Quarry LP raised its position in nCino by 138.2% in the 3rd quarter. Quarry LP now owns 1,701 shares of the company's stock valued at $46,000 after purchasing an additional 987 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

nCino Trading Up 3.0%

NASDAQ NCNO opened at $22.96 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $2.43 billion, a PE ratio of 76.53 and a beta of 0.69. nCino Inc. has a one year low of $13.80 and a one year high of $31.92. The firm's fifty day moving average is $18.83 and its two-hundred day moving average is $17.07.

Insiders Place Their Bets

In other news, insider April Rieger sold 7,852 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total transaction of $150,915.44. Following the completion of the transaction, the insider directly owned 375,749 shares of the company's stock, valued at approximately $7,221,895.78. This represents a 2.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Pierre Naude sold 4,677 shares of the firm's stock in a transaction that occurred on 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 sale, the director directly owned 1,116,707 shares of the company's stock, valued at $21,463,108.54. This represents a 0.42% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 75,976 shares of company stock valued at $1,452,687. Corporate insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on NCNO. Barclays increased their price objective on shares of nCino from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Wednesday, August 26th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of nCino in a research report on Wednesday, August 26th. Weiss Ratings reiterated a "sell (d+)" rating on shares of nCino in a research note on Tuesday, August 25th. Citigroup reissued a "market outperform" rating on shares of nCino in a report on Wednesday, August 26th. Finally, JPMorgan Chase & Co. raised their price target on nCino from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price 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.

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