Bank of New York Mellon Corp Purchases 90,209 Shares of nCino Inc. $NCNO

Bank of New York Mellon Corp raised its position in shares of nCino Inc. (NASDAQ:NCNO - Free Report) by 20.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 527,631 shares of the company's stock after purchasing an additional 90,209 shares during the quarter. Bank of New York Mellon Corp owned 0.48% of nCino worth $7,904,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NCNO. Algebris UK Ltd. increased its stake in nCino by 266.2% in the 4th quarter. Algebris UK Ltd. now owns 1,032,782 shares of the company's stock worth $26,493,000 after buying an additional 750,744 shares in the last quarter. Hsbc Holdings PLC bought a new stake in nCino during the fourth quarter valued at about $3,982,000. Royce & Associates LP purchased a new position in shares of nCino in the fourth quarter valued at about $3,681,000. SG Americas Securities LLC lifted its position in shares of nCino by 170.5% in the fourth quarter. SG Americas Securities LLC now owns 51,368 shares of the company's stock valued at $1,317,000 after acquiring an additional 32,378 shares in the last quarter. Finally, Comerica Bank boosted its stake in shares of nCino by 49.2% in the fourth quarter. Comerica Bank now owns 337,231 shares of the company's stock worth $8,647,000 after acquiring an additional 111,182 shares during the period. 94.76% of the stock is currently owned by institutional investors.

nCino Stock Performance

NASDAQ:NCNO opened at $18.46 on Monday. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 153.83 and a beta of 0.68. nCino Inc. has a 1 year low of $13.80 and a 1 year high of $33.92. The stock's 50 day simple moving average is $16.41 and its two-hundred day simple moving average is $17.23. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NCNO shares. The Goldman Sachs Group cut their target price on nCino from $24.00 to $21.00 and set a "neutral" rating for the company in a research report on Thursday, May 14th. Zacks Research cut nCino from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Weiss Ratings upgraded nCino from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, May 28th. Citigroup reaffirmed a "market outperform" rating on shares of nCino in a report on Monday, June 22nd. Finally, Citizens Jmp reduced their price objective on shares of nCino from $32.00 to $23.00 and set a "market outperform" rating on the stock in a research 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 assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, nCino presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.29.

Insiders Place Their Bets

In related news, SVP Jeanette Sellers sold 3,695 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $18.04, for a total transaction of $66,657.80. Following the sale, the senior vice president owned 50,876 shares of the company's stock, valued at $917,803.04. This represents a 6.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sean Desmond sold 16,589 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $18.04, for a total transaction of $299,265.56. Following the transaction, the chief executive officer owned 1,262,492 shares of the company's stock, valued at $22,775,355.68. This trade represents a 1.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 36,412 shares of company stock valued at $637,922. 1.90% of the stock is currently owned by insiders.

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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