Canada Pension Plan Investment Board Makes New Investment in nCino Inc. $NCNO

Key Points

• Canada Pension Plan Investment Board purchased 69,500 nCino shares worth approximately $1.14 million, while institutional investors and hedge funds collectively own 94.76% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $24.38 price target; Citizens JMP and Needham both set $25 targets.
• nCino shares opened at $22.60, above their 50-day and 200-day moving averages, but insiders have sold 84,040 shares worth about $1.58 million over the past 90 days, primarily to cover tax obligations on vested equity awards.

Canada Pension Plan Investment Board purchased a new stake in shares of nCino Inc. (NASDAQ:NCNO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 69,500 shares of the company's stock, valued at approximately $1,136,000. Canada Pension Plan Investment Board owned about 0.06% of nCino as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of nCino during the second quarter worth about $147,492,000. Senvest Management LLC boosted its position in nCino by 30.2% in the first quarter. Senvest Management LLC now owns 5,308,468 shares of the company's stock valued at $79,521,000 after buying an additional 1,230,192 shares during the last quarter. HMI Capital Management L.P. acquired a new position in nCino in the 2nd quarter worth approximately $81,598,000. Hawk Ridge Capital Management LP increased its holdings 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 worth $67,138,000 after buying an additional 3,864,010 shares during the period. Finally, Lead Edge Capital Management LLC purchased a new position in nCino during the 2nd quarter worth approximately $59,883,020. 94.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NCNO has been the subject of several research reports. Citizens Jmp lifted their price objective on shares of nCino from $23.00 to $25.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 26th. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price objective on shares of nCino in a research note on Wednesday, August 26th. Weiss Ratings reissued a "sell (d+)" rating on shares of nCino in a report on Tuesday, August 25th. Zacks Research downgraded shares of nCino from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of nCino in a report on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.38.

Insider Buying and Selling at nCino

In related news, SVP Jeanette Sellers sold 1,536 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.53, for a total value of $29,998.08. Following the completion of the transaction, the senior vice president directly owned 48,453 shares in the company, valued at $946,287.09. The trade was a 3.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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, CFO Gregory Orenstein sold 11,780 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.22, for a total transaction of $226,411.60. Following the sale, the chief financial officer directly owned 690,513 shares in the company, valued at $13,271,659.86. This trade represents a 1.68% 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 ninety days, insiders have sold 84,040 shares of company stock worth $1,583,807. 1.90% of the stock is currently owned by insiders.

nCino Stock Down 1.7%

Shares of NCNO stock opened at $22.60 on Tuesday. The stock has a 50 day moving average of $18.51 and a 200 day moving average of $16.99. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.39 billion, a P/E ratio of 75.33 and a beta of 0.66. nCino Inc. has a twelve month low of $13.80 and a twelve month high of $32.53.

nCino Company 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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